sales forecasting

As a data scientist, tackling sales forecasting for multiple products is a tough job. You know it’s essential for businesses, but dealing with different models, metrics, and complexities can be overwhelming. You might be feeling the pressure to deliver accurate forecasts to drive better decision-making and wondering how to tackle this challenge effectively. Don’t worry! I’m here to make this process easier and guide you through it. In this tutorial, I’ll simplify sales forecasting by walking you through these key steps:...

Demand forecasting and sales forecasting are two distinct but related concepts in business planning. Demand forecasting involves predicting the number of customers who will desire and potentially purchase a particular product or service in the future, helping businesses plan for production, inventory, and marketing. Sales forecasting, on the other hand, focuses on estimating the revenue a business will generate from selling its products or services, taking into account factors like pricing, competition, and marketing efforts....