Predicting sales figures in the food sector with AI
Large retail companies face the challenge of creating accurate sales forecasts for their products in order to optimally manage inventory and maximize sales. Our focus in the lab was on the food category, whose sales were analyzed. The goal was to develop simple prediction models that would enable an estimate of sales for the next 28 days.
Challenge
Creating accurate sales forecasts for specific products is a major challenge for a number of reasons. One of these is that these forecasts depend on many variables.
In our lab, an anonymized data set lists the sales of various products from the sectors “leisure”, “food”, and “camping” across several stores in the US, including price changes for these products. Our focus in the lab was on the food category, whose sales were analyzed.
Methods
Our experts have developed a comprehensive solution to accurately predict sales figures in the food industry. First, our experts conducted an exploratory analysis and visualization of sales data to identify patterns and trends. These analyses were performed using various techniques and tools to gain a deep understanding of sales trends. We then developed a prediction model capable of reliably forecasting sales figures for the next 28 days. To ensure the accuracy and timeliness of the predictions, we implemented a pipeline for continuous evaluation of new sales data, which enables the models to be regularly updated and improved.
Solution
Our solution offers several key benefits for your business. First, detailed exploratory analysis and visualization of sales data enables the identification of patterns and trends that are crucial for predicting sales figures.
Second, we developed and validated a robust prediction model that accurately forecasts sales figures for the next 28 days. This helps manage inventory efficiently and respond quickly to market changes. Third, the implementation of a continuous evaluation pipeline ensures that the prediction models are always up to date and can adapt to changing conditions.
- Exploratory analysis and visualization: Detailed analysis of sales data to identify patterns and trends.
- Development of a predictive model: Creation and validation of a model that forecasts sales figures for the next 28 days.
- Pipeline for evaluating new data: Implementation of a robust pipeline for continuous analysis and prediction of future sales figures.
At BREDEX, we use state-of-the-art AI technologies to develop customized solutions for our customers. Our expertise in data analysis and predictive modeling enables us to offer innovative and effective solutions that deliver real value. Contact us to learn more about our projects and our approach.
This project was conducted as part of the i3systems AI Experts.
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