Forecasting sales seems at first sight like fortune-telling. How can one anticipate the unexpected? By using the parameters known to impact sales forecasts, namely the state of the overall economy, the competition, the market, legislative changes, i.e., GDPR, the weather, the seasonality.
Each one of these parameters is measured using actual figures. The state of the economy can be measured using macro-economic indicators: the Consumer Price Index (CPI), the Growth Domestic Product (GDP). The maximum temperature, precipitations, and sunshine hours can provide numerical measures of the weather. The number of public holidays per month, the number of weekends give indications on seasonality. Eventually, the company’s average product price compared to the costs of the main competitors is an indicator of market positioning.
Companies usually have historical data about previous monthly sales over several months or years. This amounts to a few hundreds, or at best thousands of data. These are by definition Small Data (Big Data being millions of data). TADA, the artificial intelligence software tailored for Small Data can provide your company with precise sales forecast figures in a few clicks within a few minutes.
Simple to use, TADA does not require to be a Data Scientist or to attend any kind of formal training session. It can be handled intuitively by any sales professionals. One of the benefits of this simulation tool is to make it possible to run different what-if scenarios for future sales. For instance, one can simulate next month’s sales using ten different product prices thus finding the perfect price to use to get optimal sales. Or one can change the number of sunny days estimated in the coming month and measure the impact on the resulting sales forecast estimate.
MyDataModels brings a self-service solution to sales professionals in need of accurate predictions on sales forecast.
TADA is the simple artificial intelligence tool that can help estimate future sales. TADA can check whether the product prices are well positioned on the target market.
“Predictive model bring accuracy to Sales Forecast”
It helps to classify which parameters (weather, economy, prices) have the most impact. Using such an easily accessible Small Data tool will provide accurate sales forecasts and improve the overall revenue growth of the company.