Why use AI Sales Forecasting
Companies can increase revenue and decrease costs with our AI software solution through an accurate prediction of sales. This allows them to make informed decisions on the quantity of stock to buy or when to boost a marketing campaign. Sales forecasting is one of the most critical factors that enable companies to make informed business decisions and to determine long-term business growth.
Simplification of forecast along with an increase in accuracy give extra resources to sales teams so they can fully focus on their customer needs. AI allows automatic and accurate sales forecasts based on previous sales outcomes and external indicators such as weather or economic factors.
Did you know that accurate sales forecasting can help businesses to reduce their on-hand stock by 15% and simultaneously increase revenue due to stock availability by up to 8%? So if the company yearly revenue is €10M and the product stock value is €2M then then company can increase revenue by about 800k while reducing their capital locked up in inventory by €300k per year?
iERP Solution and Use Cases
Simple to use sales prediction platform for business users, continuously self-learning with automatic selection of most accurate forecasting method based on data quality and without need to have any knowledge of AI or data science. Automatic plugin of external indicators like weather, economic indicators or COVID-19 business risk are further improving accuracy of forecast. Actionable results can be reviewed in application, export in excel files or reviewed directly in ERP/CRM system.
- Sales forecasting on monthly, weekly or daily bases with external indicator considerations (promotions, competitors entries, economic indicators, COVID-19 business risk factor).
- Sales vs. realistic forecast prediction based on committed purchase and work orders.
- Ability to generate sales forecast for newly added product.
- Market intelligence adjustments to reflect unexpected market changes in forecast.
- Built-in business intelligence, exporting results in Excel spreadsheets or reviewing results with API integration in an ERP/CRM system.
Benefits of Sales Forecasting
- Increase your sales forecast accuracy with simple-to-use AI-powered software, and by utilising additional parameters like COVID-19, weather and economic indicators.
- Reduce the costs of unsold goods by precise planning of production.
- Prepare more precise budgets and sales forecasts.
- Develop your pricing and promotions strategy using on-demand data.
- Eliminate human bias and establish consistent AI-based sales forecasting methodology.
iERP’s mission is to provide an end-to-end business prediction platform with modules that address multiple business scenarios and ZERO required knowledge of artificial intelligence or machine learning technologies.
We are helping companies to predict sales and inventory demands, what their customers are going to purchase next, or identify customers that are going to be late with the payment.