What is machine learning in sales forecasting?

Can you explain what machine learning is in the context of sales forecasting?

Sure! Machine learning in sales forecasting involves using algorithms to analyze historical sales data and predict future sales trends.

How does it improve accuracy compared to traditional methods?

It improves accuracy by identifying patterns and correlations in large datasets that traditional methods might miss.

What types of data are typically used for these forecasts?

Common data types include past sales figures, market trends, customer demographics, and economic indicators.

Are there any specific machine learning models used for this?

Yes, models like linear regression, decision trees, and neural networks are often used for sales forecasting.