Sales Forecasting based on historical data and external factors
Problem statement:
- For a retail firm we were commissioned to analyze the sales growth evolution as well as creating forecasts. Moreover the client asked us to analyze the composition or regional sales and the importance of regional shops.
Dataset:
- Re-structure data: In order to make the analysis possible we re-structured the data from the internal ERP system.
- Identifying correlations: We used characteristics such as geography, shop, etc. to correlate them with sales/clients.
- Forecasting: We used hist. data and external indicators (such as humidity) to develop and test sales forecasts.
Key value addition:
- Understanding links between the sales of different shops and products.
- Providing planning and forecasting tools.
