Sales Forecasting in Life Sciences

This multinational pharmaceutical company sells thousands of different drugs. In order to optimize logistical operations and storage needs, the company needed to know future sales. If the company just looked at sales from the previous month as a predictor for the next month, the error could be 20 percent off in either direction. Better predictions = better process and huge logistical savings.

By using RapidMiner and looking at a variety of factors (not just the previous month’s sales), the company was able to predict its upcoming month’s sales within three percent across multiple product lines.