SKU Prediction using Machine Learning
An important goal for TMX has been to help customers utilize their data to drive their decision-making and help create new business opportunities, generate more revenue, predict future trends, optimize current operational efforts, and produce actionable insights.
Whereas analytics can be utilized for effectively communicating facts, trends and statistics, it is really through machine learning that one can effectively utilize historical data to make specific predictions about the future.
According to a Harvard Business Review Article titled “Why Salespeople Need to Develop Machine Intelligence”, sales teams adopting AI are seeing an increase in leads and appointments of more than 50%, cost reductions of 40%–60%, and call time reductions of 60%–70%.
Despite this, only 18 % of B2B companies utilize AI in their operations.
We want our customers to be ahead of the game in this regard, and so have developed a prediction model based on state-of-the-art neural networks that utilize the LSTM architecture to predict future sales in advance so that customers can preemptively make the correct business decisions to enhance or even save their business from potential pitfalls.