Sales Prediction & Revenue Generation with Artificial Intelligence
Overview
Our client is a manufacturer well-known for their affordable, personalized, and durable car spare parts. They have a strong presence in UK manufacturing hub. However, the sales number were reducing at an exponential rate due to the COVID-19 crisis. Moreover, the high volume of data collection proved a severe challenge to predict the sales number. Furthermore, the complex situation ended in market demand fluctuating at a rapid pace, the client therefore could not forecast necessary stock quantities and the sales number continued to reduce. The client reached to OrangeMantra for an AI-powered solution for sales prediction and revenue generation.
Manufacturing
AI/IoT/Emerging Tech
Our Process
OrangeMantra team built and implemented a AI prediction model based on the historical data, market behavior factors, and other 3rd party data. The model predicts demand and next calculates the optimal prices for the sellers. The solution automatically forecasts monthly and weekly sales, based on the demand and supply analysis, an optimal price is chosen.
Data Collection
Our team started with collection of historical sales data, customer information, and market trends. Used tools to refine and process the data to keep quality and consistency intact.
ML Model Development
Build a machine learning model with the support of regression algorithms and time-series methodology. The model is trained on historical data for ensuring accurate predictions.
ERP Integration
The AI model is integrated with the existing Enterprise Resource Planning (ERP) for streamlined flow data across the funnel. Real-time updates and synchronization of data between departments was the core objective.
Inventory Management
The presence of AI model helped in prediction of future demands and optimize inventory levels. Implemented automated restocking recommendations for resolving out-of-stock and overselling.
