Time series forecasting models

The overall trends and the seasonalities bring valuable insights for efficient and timely marketing campaigns. We have discussed how time-series decomposition can help marketers put out timely promotions in order to capture the maximum sales and marketing potential when the demands are expected to rise, as well as minimize the dips and excess inventory when the demands are expected to fall via out-of-season sales promotions or focusing on the products that have different peak and trough cycles.

We can take a step further with machine learning (ML) and artificial intelligence (AI) and build time-series forecasting models. The future forecasts with these AI/ML models can play a pivotal role not only for marketing but also for various other business units, including sales, operations, finance, supply chain, procurement, and many others. By utilizing time-series forecasts, marketers can optimize their marketing goals in numerous ways:

• If a...