Accelerate Chemical R&D Timelines with AI Solutions
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Problem statement
Rising costs: As costs for raw materials and energy continue to increase, chemical companies are under pressure to find ways to reduce costs and improve efficiency.
Inaccurate inventory tracking: Without digital technologies, it can be difficult to accurately track inventory levels and ensure that materials are available when needed. This can lead to stockouts, excess inventory, and wasted resources.
Difficulty in maintaining compliance: Traditional methods of inventory and task management may make it difficult for chemical companies to comply with regulations related to safety and environmental impact, which can be a major challenge for companies..
Inefficient task management: Traditional methods of task management, such as manual paperwork, can be time-consuming and error-prone. This can lead to delays and added costs.
Difficulty in identifying bottlenecks: Without digital tools for data analysis, it can be difficult for chemical companies to identify bottlenecks in production processes, which can lead to inefficiencies and decreased productivity.
Solution Overview
Utilizing AI for sales forecasting can provide a competitive edge for companies in any industry.
Predictive solutions assist businesses in planning for future growth and implementing effective risk management strategies to improve sales.
Many successful companies, such as McDonalds, Colgate, Amazon, and Netflix, have implemented predictive analytics to optimize sales and cater to customer demands.
We have collaborated with a pharmaceutical company to develop an AI-based forecasting solution that accounts for seasonal patterns in sales and generates monthly and quarterly predictions for analysis.
Several models such as ARIMA, SARIMA, and Facebook Prophet were tested and the best performing model was chosen for implementation.
Business impact
Improved decision-making: Provides insight into historical sales patterns and trends, which can be used to make informed decisions about product development, resource allocation, and future growth.
Increased efficiency and cost savings: Provides visibility into future performance, which can help a company to identify potential risks or challenges and take proactive measures to address them, leading to increased efficiency and cost savings.
Better understanding of key drivers of sales: Identifies key drivers of sales, such as seasonality, promotions, or external factors like economic conditions, which can help a company to make data-driven decisions and fine-tune the sales and marketing strategy.
Better forecasting in new markets: Ability to forecast sales in new markets, which can be beneficial for pharmaceutical companies that are planning to expand their product offerings.
Better tracking of performance over time : Monitor performance trends over time and pinpoint areas for improvement, enabling data-driven decisions and strategic adjustments to sales and marketing efforts.
