Sales Optimization with predictive modeling using AI
🗓️ November 2021 - 𝗣𝗮𝗿𝘁-𝗧𝗶𝗺𝗲 𝗗𝗮𝘁𝗮 𝗦𝗰𝗶𝗲𝗻𝗰𝗲 𝗕𝗼𝗼𝘁𝗰𝗮𝗺𝗽
Pricing decisions are crucial for any business, as pricing is directly linked to consumer demand and company profits. Consequently, sales forecasting is critical for every company, especially in the food industry.
❇️ The objective of this project was to predict sales and estimate the impact of promotional initiatives in an effort to optimize pricing. Sotiris Archontas created and tested sales forecasting models and concluded that the impact of own pricing was far greater compared to the impact of competitor pricing. Furthermore, there is a delay between the promo event and the increase in sales as well as a saturation point, after which promotional events no longer impact sales. Model testing revealed that sales forecasting can be significantly improved using larger and more detailed data sets.
00:00 Intro - Presenter
01:12 Company
01:28 Project description
02:28 Project Objectives & sources
04:02 Results
11:32 Conclusions
🖇️ Alumni Stories: Sotiris Archondas Interview (https://bigblue.academy/gr/apo-ilektrologos-mixanikos-junior-data-analytics-consultant-sti-deloitte)
📲 Βρες μας στα Social Media:
- Facebook: https://www.facebook.com/bigblueacademy/
- Instagram: https://www.instagram.com/bigblueacademy/
- LinkedIn: https://www.linkedin.com/school/bigblueacademy
- Twitter: https://twitter.com/BigBlueAcademy
🗓️ November 2021 – 𝗣𝗮𝗿𝘁-𝗧𝗶𝗺𝗲 𝗗𝗮𝘁𝗮 𝗦𝗰𝗶𝗲𝗻𝗰𝗲 𝗕𝗼𝗼𝘁𝗰𝗮𝗺𝗽
Pricing decisions are crucial for any business, as pricing is directly linked to consumer demand and company profits. Consequently, sales forecasting is critical for every company, especially in the food industry.
❇️ The objective of this project was to predict sales and estimate the impact of promotional initiatives in an effort to optimize pricing. Sotiris Archontas created and tested sales forecasting models and concluded that the impact of own pricing was far greater compared to the impact of competitor pricing. Furthermore, there is a delay between the promo event and the increase in sales as well as a saturation point, after which promotional events no longer impact sales. Model testing revealed that sales forecasting can be significantly improved using larger and more detailed data sets.
00:00 Intro – Presenter
01:12 Company
01:28 Project description
02:28 Project Objectives & sources
04:02 Results
11:32 Conclusions
🖇️ Alumni Stories: Sotiris Archondas Interview (https://bigblue.academy/gr/apo-ilektrologos-mixanikos-junior-data-analytics-consultant-sti-deloitte)
📲 Βρες μας στα Social Media:
– Facebook: https://www.facebook.com/bigblueacademy/
– Instagram: https://www.instagram.com/bigblueacademy/
– LinkedIn: https://www.linkedin.com/school/bigblueacademy
– Twitter: https://twitter.com/BigBlueAcademy
