How we implemented ML Technology to Improve Pharmaceutical Sales

• Sales forecasting is essential for all industry. It’s also one of the most important responsibilities for sales managers who use sales projection analysis to plan inventories, operations, and strategy.
• Forecasting helps business owners in future planning, allocation of resources, reduced costs, and increase in sales.
• Machine learning technology is incorporated into Automation sales forecasting software to improve the accuracy of sales forecasts.
• Better business decisions can be made due to the software’s greater accuracy and confidence while analyzing historical data and predicting future patterns.
• The use of AI for sales forecasting is a game-changer for any industry-targeted companies that need an edge in the competitive market today.
• These predictive solutions help businesses plan their future growths and take more reliable risk management strategies to improve their sales.
• Many industrial leaders like McDonalds, Colgate, Amazon, and Netflix have applied predictive analytics solutions to smoothen their sales and customer-centric demands.

Benefits of Using AI in sales forecasting

• Performance Tracking
• Sales Planning
• Production Planning
• Reduced Inventory Costs
• Reduced Warehouse Costs
• Effective Labour Management

How we helped pharmaceutical industry with AI-Sales forecasting?

Solution Overview :

• As in the Healthcare sector, we have worked with a pharmaceutical company in building an AI-based forecasting solution that captures any seasonal patterns in the sales and then preserves them for analysis providing monthly and quarterly sales predictions.
• These sales predictions help their sales and operational team in planning their businesses and make faster decision-making to improve their revenue
• Initial statistical tests were performed to check for seasonality, volatility, and trends.
• ETL Process was performed on the data to suppress noise
• Then various models such as ARIMA, SARIMA, Facebook Prophet were experimented. The best performing model was chosen.

Technology

Market Size: AI-based sales forecasting solution.

Sales Forecasting Software Market size was valued at USD 61.15 Billion in 2022 and is projected to reach USD 142.97 Billion by 2030, growing at a CAGR of 11.2% from 2023 to 2030.