Prediction Model to Estimate Product Sales of a Fortune 100 Firm During a Specific Campaign Period
The client is a Fortune 50 multi-national technology giant and the worldwide leader in software, services and solutions. The client periodically offers a promotion on a product for a limited period to promote its sales.
The client approached TurnB to predict the sales of a product for the period in which they plan to offer discounts.
collaborated with the client to create a prediction model to estimate the sales
during a specific campaign period using the following approach:
- We extracted historical sales data related to products from the customer database
- Performed data audit to check for missing values and normalize/eliminate the outliers
- A predictive model was designed to predict the sales of products for the offer period
- The sales of products during the offer period were predicted
- The client was able to plan the inventory in a better way which helped in maximizing the sales during campaign period
- The estimates helped the client to understand the impact of sales on the revenue and profits for the campaign duration