Sales Forecast (14.0)
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Overview
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.
Key Features
- This module helps you to predict the trajectory of your upcoming sales on the bases of your historical data.
- This module helps to predict the sale with seasonal factors. like(winter, summers product sale)
- This module allows you to generate reports with contrast of Historical data and Forecasted data.
- This Module allow you to Segregated pivot view with respect to customers/Products.
- Forecast enables the production manager to set target for his workers.
- In the absence of sales forecast, a business enterprise may work without any focus and this may result in wastage of its resources.
- Sales forecast enables all the departments of the business to work together in proper co-ordination and co-operation.
- Sales forecasting is vital for preparing budget.
- 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.
- The app helps the businessmen to manage their unit sales, estimate price assumptions of the products, and estimate sales as per the seasonal factors.
- The app has multivariate forecasting algorithms based on Machine Learning that allow the individuals to adjust the elements that influence projections.
- This module has been build with Machine Learning libraries to get precise data.
- This module shows your forecast data in the form of charts. So that you can anticipate the demand for your product.
- Hyper Parameter Tuner This module allows you to find best forecasting coeffiecients Using Grid Search Algorithm.
- Sales forecasting enables a business organization to work systematically.
- It enables the sales department to fix responsibilities on every salesman.
- It helps to cut down wasteful expenditure and as a result the goods can be offered at a fair price.
- As target is set for each individual and department, it is easy to control performance.
- It helps to determine the production capacity that is actually required.
- With the Sales Forecast app, individuals can analyze the sales trends and predict the future events of their business.
- It shows you the forecast data in the form of charts so that you can anticipate the demand for the products.
- 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.
The primary objective of any organization is to meet targets. But, they don't know how they will meet their goals. Through the Sales Forecast App on Odoo, the organization can easily compare the present situation with the future to get a clear idea of upcoming opportunities.
The Odoo Sales Forecast App helps the organizations to manufacture sufficient quantities by estimating customer demand in advance.
The Odoo Sales Forecast App helps the organization to estimate cost and revenue accurately by fetching the future data. The businesses can further leverage the financial data to boost their activities.
User Guide
Setup
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", "Vector Autoregression (VAR)", "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.
Frequently Asked Question
Problems & Solutions
Ksolves will provide FREE 120 days of 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.
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