India's largest platform and marketplace for AI & Analytics leaders & professionals

Sign in

India's largest platform and marketplace for AI & Analytics leaders & professionals
Become a Thought Leader
Become a 3AI Member

Sign in

3AI Digital Library

< Go Back

Terminal Volume Forecasting

3AI August 12, 2020

Leading Player in Oil Processing Industry

Problem Statement

  • In-house forecasting of products was not giving accurate information; client wanted an accurate forecasting model.
  • Organization wanted assistance in understanding the appropriate KPI’s / metrics that have a direct influencing impact on the petroleum sales
  • Organization also wanted an forecasting model which will forecast at a Customer / Channel / Terminal level; to plan the inventory.

Analytics Led Approach

  • Selection of Response variables based on Statistical Tests.
  • Understand and identify the key KPI’s for each segment
  • SPSS to analyze data using Statistical techniques, user friendly (Multiple Regression Analysis)
  • Correlation Analysis to identify the relationship.
  • Regression Analysis to predict / forecast.
  •  

Business Impact

  • Pricing – Based on the existing / recent demand, pricing can be done without any intuition (By an Account Manager)
  • Trend Analysis. And structured steps to understand the relationships between multiple fields in the datasets.

Critical Success Factors

  • Channel Behavior – Depicts the prevailing fluctuation and also helps us in tracking the product at a channel level.
  • Pantry Loading – Over loading of products can be avoided and Inventory can be planned accurately to meet demand.

    3AI Trending Articles

  • AI readiness – CEO’s most strategic agenda

    For the larger mass of professionals, the words “artificial intelligence,” or AI, often conjure up images of robots, the sorts of robots that might someday take their jobs. But at the enterprise level, AI means something different. It has enormous power and potential: it can disrupt, innovate, enhance, and in many cases totally transform a business. […]

  • IIT Kanpur introduces Master’s programs in Cybersecurity

    IIT Kanpur has introduced three new cybersecurity postgraduate programs with intent to to address the need of cybersecurity personnel by ensuring training of dedicated and highly skilled manpower.   With a view to meet the shortfall in trained and skilled cybersecurity personnel in the country, the Indian Institute of Technology, Kanpur has decided to introduce […]

  • Online learning will pave the way for a digital future

    Online learning has emerged as a critical tool that promises the potential to prepare business and professionals for a digital future. While skilling has become a hot trend in the current job climate, professionals should know that simply having basic digital skills won’t cut it because disruptive digital skills are now a necessity, not a […]

  • The Evolution of Generative AI and Human Creativity: Ethical Concerns and Future Perspectives

    Featured Article Author: Bhabani Chatterjee, Capgemini Invent Generative AI revolutionized notions of creativity — in manufacturing, product design, content creation, and problem-solving across various domains. These advancements not only push human invention further but also open up a new world for enterprises and individuals. Of course, ethical implications abound, but the excitement is undeniable. The […]