Artificial Intelligence in Sales Forecasting is the key for future planning, developing the best strategic plans, and making the right decisions at the right time.
Sales forecasting, driven by Artificial Intelligence (AI), is becoming a key instrument in developing and improving strategic decisions. Big companies such as Google, Microsoft, Apple and Coca Cola are already investing a large amount of money in AI and different AI-supported applications. For example, Microsoft uses AI to provide sales insights and offers these insights as an add-on to their Dynamics 365 platform. At goedle.io, we also offer various types of predictions including lead scoring, churn prediction and conversion prediction.
This is by far not the only use case where AI can be utilized for sales. Another interesting application is Sales Forecasting which is the answer to various questions:
Using AI, combined with technologies such as Deep Learning, companies are able to calculate and predict their sales on a daily basis. So manufacturers can prevent perishable goods to go bad or storerooms to be wasted.
Supply Chain Management
With precise AI-based forecasts, companies can organize logistics in a highly efficient way to reduce costs and spare time. With more time left, employees can take care of other tasks as consulting or acquisition of new customers.
Well organized supply chains protect the businesses against inventory shortage, so that the management does not need to accept lower prices just to get rid of the unwanted goods immediately. Stable prices reduce losses and improve the company’s income.
Provided with the knowledge of the anticipated sales, companies can predict future profit and make strategic investments at the right time to increase their revenue as well as net income.
Knowing the future income and the prospective revenue, management can also hire the staff the company will need at times. This is very important if HR wants to find qualified people that best fit the positions. The management can also foresee if the staff should be hired only temporarily or even permanently to best meet the incoming demand.
With AI-based sales forecasting, marketing gets a clear insight into future sales to schedule promotions more efficiently or to discount slow-moving products entirely. So the company can react faster to the market changes whenever necessary.
You’ll find more about AI in sales in our blog under: How useful is AI in Sales?
New products that need to be tested on the market have usually little historical data for traditional risk analysis methods. AI and Deep Learning can use different data sources, combine diverse, structured or unstructured data sets, and build this way a new, holistic approach based on all relevant data that could influence future sales. AI in Sales Forecasting lowers the failure risk significantly and helps the companies to invest their money more efficiently.
Product improvement is an important process. Every successful company is working on it every day. Forecasting sales helps to improve business performance, continually revising all involving processes.
More and more companies are testing or already using AI-based forecasts to predict future sales and optimize their business performance. Knowing what is coming is not a dream anymore but can be predicted by models trained on historic datasets combined with real-time datapoints.
And this is exactly our technology. Reach out to us now if you want to learn more or sign up here for our Google Analytics Traffic and Conversion Forecasting.