Predictive Analytics in the Pharmaceutical Industry

Business challenges

null

Difficulty in predicting demand: Without taking historical sales patterns and seasonal patterns into account, it can be difficult for a company to accurately predict future sales and plan for future growth.

null

Limited visibility into future performance: Inability of predicting future performance and identify potential risks or challenges.

null

Difficulty in identifying key drivers of sales: Challenges in identifying key drivers of sales, such as seasonality, promotions, or external factors like economic conditions.

null

Complexity in forecasting for new markets: Inability to forecast sales in new markets and identify potential opportunities.

null

Difficulty in tracking performance over time: Without proper analysis of historical sales data, it can be difficult to track performance over time and identify areas for improvement.

null

Inefficiency: Manual sales forecasting techniques can be time-consuming and error-prone, leading to inefficiencies in the forecasting process.

Solution Overview

null

Utilizing AI for sales forecasting can provide a competitive edge for companies in any industry.

null

Predictive solutions assist businesses in planning for future growth and implementing effective risk management strategies to improve sales.

null

Many successful companies, such as McDonalds, Colgate, Amazon, and Netflix, have implemented predictive analytics to optimize sales and cater to customer demands.

null

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.

null

Statistical tests were conducted to detect seasonality, volatility, and trends in the data.

null

Data was then processed through an ETL process to remove noise.

null

Several models such as ARIMA, SARIMA, and Facebook Prophet were tested and the best performing model was chosen for implementation.

Business Impact

null

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.

null

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.

null

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.

null

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.

null

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.

Technology Stack

Trusted and Proven Engagement Model

  • A nondisclosure agreement (NDA) is signed to not disclose any sensitive information revealed over the course of doing business together.
  • Our NDA-driven process is established to keep clients’ data and IP safe and secure.
  • The solution discovery phase is all about knowing your target audience, writing down requirements, and creating a full scope for the project.
  • This helps clarify the goals, and limitations, and deliver quality products & services.
  • Our engagement model defines the project size, project development plan, duration, concept, POC etc.
  • Based on these scenarios, clients may agree to a particular engagement model (Fixed Bid, T&M, Dedicated Team).
  • The SOW document shall list details on project requirements, project management tools, tech stacks, deliverables, milestones, timelines, team size, hourly/monthly rate cards, billable hours and invoice details.
  • On signing the SOW, an official project kick-off meeting shall be initiated.
  • Our implementation approach, ecosystem, tools, solutions modelling, sprint plan, etc. shall be discussed during this meeting.

Our Award-Winning Team

A seasoned AI & ML team of young, dynamic and curious minds recognized with global awards for making significant impact on making human lives better

Awarded Bronze Trophy at CII National competition on Digitization, Robotics & Automation (DRA) – Industry 4.0

null

5 yrs

in AI & ML
Engineering

null

50+

AI & ML
Engineers

null

40+

AI & ML
Projects for
reputed Clients

Awarded as Winner among 1000 contestants at TechSHack Hackathon

Related Success Stories

Related Insights

Connect With Us!