Businesses have different methods to evaluate potential credit risk, most of which rely on experience-based judgments. Still, in many cases, those methods are time-consuming, subjective, and have limited capability of identifying risk in advance.
Machine Learning and predictive AI can learn from past behaviors and real-time data to provide a dynamic and, therefore, more accurate forecast. It’s no surprise that many companies have rushed to implement AI in their organization.
Supervised learning is a specific field of machine learning in which a machine learns to label data based on a set of prelabeled examples. Sales prediction is a specific example of supervised learning. We have a labeled data set of past sales, and we generate a prediction for future sales.
Despite what some may believe, SMBs (small and medium-sized businesses) are not simply smaller versions of enterprise organizations. The size of a company has a deep impact on how a company is organized, but most importantly, it impacts the purchase processes. Since we are talking about different sales processes, we also need to define a […]
In sales forecasting, mistakes are to be expected. However, with each mistake that you make, you should learn something, in order to refine your forecasting methods, and improve the accuracy of your forecasts. As a rule of thumb, the more metrics you track and include in your forecast, the more accurate the forecast will be. […]
Accurate analytics and up-to-date statistics are some of the most valuable assets in a marketer’s toolset. They help you understand consumer behaviors, refine your marketing strategies and make accurate sale predictions. Today, it’s a well-known fact that the consumer journey begins online, but according to the latest statistics, that journey can end in numerous ways, […]
For most businesses, the difference between success and failure lies in meticulous planning. When it comes to retail businesses, that couldn’t be more accurate. Sales forecasts are essential in planning the development of your retail business, to avoid running out of stock and risk losing business, and it helps you avoid overstock which can hinder […]
According to eMarketer, online shopping now accounts for almost 10% of total retail sales, making e-commerce a significant factor in traditional retail and this trend is likely to continue in the years ahead. The US Census Bureau figures show that over the last two decades, online retail sales in the US have grown rapidly, rising […]
Sales are the driving force of any business and being able to accurately forecast your sales is essential in order to for your business to evolve. A proper sales forecast is the foundation of your sale strategy as it reveals valuable info into how your organization needs to plan in order to hit your profit […]
When it comes to operating retail sales at a high level in 2019, sales forecasting is critical to your business. Whether you run your business as a brick and mortar or operate strictly online, forecasting technology is a must-have if you want to keep up with your competitors in today’s age. In the past, we […]