Known for its high-quality juices, beverages, dairy products and snacks, the client is the Nigerian division of a leading US-based FMCG giant in the Food and Beverages industry. The company sells all its products through thousands of depots spread across the African nation.
The traditional sales forecast methods used by the beverage company to predict sales across geographies and product lines was replete with errors and inaccuracies.
The primary problem areas with the legacy forecast methodology were:
The company partnered with Hitech to develop a robust sales forecasting methodology to:
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The team at Hitech Analytics delivered a smart sales forecasting solution to accurately predict sales of each product across product lines and locations. The machine learning driven statistical model leveraged time series forecasting, regression and boosting algorithms to enhance accuracy of forecasts.
Python, Excel and ML-algorithms
The consumer goods company received granular and accurate 6-monthly forecasts through interactive and intuitive dashboards. With accuracy in forecasts and better inventory allocation, they were able to increase sales, maintain stocks of in-demand products, minimize wastage of low-demand SKUs and improve reach among customers.
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