Revenue Forecasting of Consumer-Goods Company using Data Mining & Big Data

Abstract

This paper tests whether accurate sales forecasting of a company can be done using the social media analytics and Data analysis. The conventional data analysis is based on the relationship of origin and effect, involves an infinitesimal sample analysis and the thinking mode of extrapolation analysis. When compared with Traditional Data Analysis, Big Data (BD) Analysis has a greater impact on the forecasting fundamentals. Big data analysis is basically based on correlation, data and technical analysis, Regression analysis etc. Exploratory Data Analysis is used for better forecasting results. In the present era compared to data analysis, big data analysis has taken a huge leap forward in the fields pertaining to Process Analytics, Forecasting etc. The forecasting can be done by collecting the following Datasets- 1. Selection of the Social Media Variable of the given company 2. Sales and Revenue of the given company. We can observe that some simple Regression models have high forecasting accuracy.