Improve business and retain customers using forecasting and Churn prediction
Improve business using PT Sales and Inventory forecasting; Retain customers using LAP Churn Prediction.
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Summary
The customer is leading organization of board-certified pathologists founded in 1946. It serves patients, pathologists, and the public by fostering and advocating best practices in pathology and laboratory medicine. The customer was looking to minimize the risk and degree of inventory shortages that result in lost revenue / inventory surpluses, wasted materials and costs.
Our Solution
- Improve the accuracy of PT forecasts that the customer plans to use to secure PT product inventory
- Build Functional & Seasonal Component Forecast in RapidMiner on historical data of PT (order qty per product per year per mailing)
- Visualize the predicted future values in Tableau
Customer Benefits
Forecast Model performance was evaluated on 5% interval level for the known order counts for the year 2021.
Around 85% accuracy was achieved in predicting the order count across the three regions (Domestic, International and Canada)