Sales Forecast
With the Machine Learning algorithms in Odoo ERP, it is now easy to analyse the historical data of your business and determine the trajectory of your upcoming sales as per the data collected. Sales forecast helps to manage your business processes systematically and forecasts the availability and sales of your products as per the demands and cuts down the unnecessary expenditure.
Tech Integrations to Make Better Predictions
To err is human. Hence, ML integration in Odoo ERP can make better predictions and improve your ability to forecast for the upcoming time periods, which in turn, helps you to cut down the extra expenditure that will be spent on hiring resources that may result in inappropriate data and errors.
Features and Capabilities
- This module helps you to predict the trajectory of your upcoming sales on the bases of your historical data.
- This module has been build with Machine Learning libraries to get precise data.
- This module helps to predict the sale with seasonal factors. like(winter, summers product sale)
- This module shows your forecast data in the form of charts. So that you can anticipate the demand for your product.
- This module allows you to generate reports with contrast of Historical data and Forecasted data.
- Hyper Parameter Tuner This module allows you to find best forecasting coeffiecients Using Grid Search Algorithm.
- This Module allow you to Segregated pivot view with respect to customers/Products.
- With the Sales Forecast app, individuals can analyze the sales trends and predict the future events of their business.
- The app helps the businessmen to manage their unit sales, estimate price assumptions of the products, and estimate sales as per the seasonal factors.
- It shows you the forecast data in the form of charts so that you can anticipate the demand for the products.
- The app has multivariate forecasting algorithms based on Machine Learning that allow the individuals to adjust the elements that influence projections.
- Sales Forecast app has a record of previous sales forecasts and helps you estimate the future sale of your products based on the sale trends.
- Sales forecasting enables a business organization to work systematically.
- Forecast enables the production manager to set target for his workers.
- It enables the sales department to fix responsibilities on every salesman.
- In the absence of sales forecast, a business enterprise may work without any focus and this may result in wastage of its resources.
- It helps to cut down wasteful expenditure and as a result the goods can be offered at a fair price.
- Sales forecast enables all the departments of the business to work together in proper co-ordination and co-operation.
- As target is set for each individual and department, it is easy to control performance.
- Sales forecasting is vital for preparing budget.
- It helps to determine the production capacity that is actually required.
- Sales forecast helps in product mix decisions as well. It enables the business to decide whether to add a ncw product to its product line or to drop an unsuccessful one.
How to Setup
Only User with Sales Forecast Access rights have access to create the sales forecast records.
- Go to settings.
Click on “User & companies" > Users.
Select the Full access and click on save.
Before using the module you need to set a default forecast method. In order to do the same, Click on Sales Forecast menu
Once you click on “Sales Forecast” menu, you need to go to settings In order to do the same, Go to, Configuration > Settings
After clicking on “Settings” menu, Just select the forecast method and click on save.
After installing the module you will be able to view that there is Sales Forecast Menu.
Click on the Create button to create a new forecast record.
Enter the "Start Date" and "End Date", select the forecast base and products. Enter the "Forecast Unit" and "Forecast Period" and "Forecasting Coffecients" after putting all the information you can click on “Save” button.
Using "Tuner Hyper Parameters" You can find the best forecasting coeffiecients from the range of provided values using Grid Search Algorithm. Best Values of all the Coefficients are vsible on Green div in top of form view.
Once you are done with creating the forecast record, just click on Predict Sales button
After clicking on Predict sales button. You can see the charts.
- You can see the Line chart by default.
Chart visualization:
- You can change it to bar chart.
Can also see the consolidate data is odoo default chart view.
Can also see the predicted values in pivot view.
Just click on change forecast method toggle button.
When you select Moving Average(MA) Method.
When you select Autoregressive Moving Average(ARMA) Method.
When you select Autoregressive Integrated Moving Average (ARIMA) Method.
When you select Seasonal Autoregressive Integrated Moving Average (SARIMA) Method.
When you select Vector Autoregression Moving-Average (VARMA) Method.
When you select "Autoregression (AR)", "Auto ARIMA", "Simple Exponential Smoothing (SES)", "Holt Winter’s Exponential Smoothing (HWES)" Method.
You Can Print Excel Report of Sales Forecast Records by "Print Forecast Report" Button.
Our Releases
Release 1.0.0
■ Latest version 17 release of Sales Forecast .
Frequently Asked Question
Please drop email at sales@ksolves.com or raise a ticket through Odoo store itself.
Yes, we do provide free support for 120 days for any queries or any bug/issue fixing.
No, there is no such limitation, you can predict the sales data for an unlimited time period, however, there are some conditions. You can connect with us and we can help you in the same.
Sales forecasting is an essential part of any business. With the help of Machine Learning algorithms, it intelligently helps you analyze past and present sales to estimate the future of sales trends in your business. This results in better growth and productivity in your business.
In order to predict future sales trends,
- with the forecast period days then the app needs a minimum of 9 days,
- with the forecast period months then the app needs a minimum of 9 months, and
- with the forecast period years then the app needs a minimum of 9 years
Ksolves will provide FREE 120 days support for any doubt, queries, and bug fixing (excluding data recovery) or any type of issues related to this module. This is applicable from the date of purchase.
Note:
Extensively Tested on Odoo Vanilla with Ubuntu OS
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