Predictive Analytics in the Pharmaceutical Industry

Application Screenshots

Technology Stack

Problem Statement

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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.

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

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

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

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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.

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Solution Overview

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

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

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

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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.

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

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Business Impact

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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.

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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.

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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.

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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.

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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.

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Testimonials of Our Happy Clients

Rick Tigges

Rick Tigges

CFO, Bemodo

"They are very responsive and able to shift focus quickly as we have needed it for business reasons."
Ryan McClellan

Ryan McClellan

CEO, iLookin.com, LLC

"They [OptiSol Business Solutions] have been very friendly and they kept up with the work. They did the job as we had discussed and as everything was arranged."
Chris Gordon

Chris Gordon

CEO, Wait for me

“I can't speak enough about how pleased I am with their process; it was seamless and efficient.”
Oli Robinson

Oli Robinson

CEO, Rule:Fresh

"What impressed me the most was their willingness to go above and beyond what was asked."
Dan Talken

Dan Talken

Founder, My Equipment Library, LLC

"We're constantly impressed with their speed and quality of the development that they achieve on a consistent basis."
Ken Kisner

Ken Kisner

Molecule Corp

The best part about working with OptiSol Business Solutions is their commitment to being readily available to their partners. They’re even willing to work into late hours of the night depending on time differences. The solution they produced has already doubled efficiency levels.

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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

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5 yrs

in AI & ML
Engineering

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50+

AI & ML
Engineers

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40+

AI & ML
Projects for
reputed Clients

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