Year: 2024
Type: article
Abstract: Sales forecasting plays an important role in business operations as it impacts decisions on inventory management, allocation of resources, and financial planning. Accurate sales predictions are essential for optimizing cash flow management, adapting marketing and sales strategies, and facilitating strategic planning. This study presents a computational framework for predicting business sales using transformers, which are considered one of the most powerful deep learning architectures. The design of our model is specifically tailored to accommodate tabular data with low dimensions. The experimental results demonstrated that our proposed method surpasses conventional machine learning models, achieving reduced mean absolute error (MAE), mean square error (MSE), and root mean square error (RMSE), as well as higher R 2 values of nearly 0.95. The results confirmed that the model is applicable not only to this research but also to similar studies that use low-dimensional tabular data. The improved accuracy and stability of our model demonstrate its potential as a useful tool for enhancing sales prediction, therefore facilitating more informed decision-making and strategic planning in corporate operations.
Source: PeerJ Computer Science
Authors: Yupeng Sun, Tian Li
Language: English
Field: Decision Sciences
Domain: Social Sciences
Open Access status: gold
Estimated APC paid: $1,395
Award: G6017707168
OpenAlex ID: W4404594493