3 techniques offered by analytics to better understand your market in times of pandemic

According to the World Bank, the COVID-19 pandemic has caused low demand for products in recent months, which is why prices during this time have started to be substantially higher.

Estimating demand appropriately allows companies to obtain useful and effective information about their potential in the market, this allows them to make sound decisions about prices and business growth strategies. For this reason, we want to recommend some strategies that will allow you to estimate demand during the pandemic and allow your company to reach its greatest potential in the coming months: 

1. Forecasting:

It is a process that allows predictions based on past data. Companies use Forecasting in order to improve their business strategies. Since financial and operational decisions are made based on economic conditions and what the future looks like. To do this, data from the past is collected and analyzed through the use of statistical models and techniques to find patterns that can improve any process within the company. 

Forecasting is used to allocate budgets or plan the expected expenses for a near period of time in the demand for the goods and services offered, it is also used to generate forecasts that provide relevant and reliable information on strategy creation and process optimization. and business decision support such as:

● Inventory optimization

● Availability of products and services by categories and locations

● Understanding of sales patterns and niche markets.

With Dataknow’s Forecasting service, our clients improve their financial planning and budget processes with accurate and reliable forecasts to estimate KPIs as vital as ROIs, expenses of sales, payroll, acquisition of products and services for the periods of time that require. 

2. Clustering:

It is a technique that allows generating an accurate visualization of the market and users, and in turn, and aims to segregate groups with similar traits and assign them into groups, this allows companies to focus their sales, marketing and distribution efforts on products or services. This technique allows potential clients to be grouped into different categories that can be measured and quantified based on their behavior.

Some of the most popular applications of Clustering are:

● Market segmentation

● Analysis of social networks

● Grouping search results

At Dataknow we use combined data analysis techniques to generate an accurate view of the market and users of our clients, allowing them to better understand how to focus their sales, marketing and distribution efforts on products or services. 

3. Demand estimation with Machine Learning

Predicting the demand for your products is essential for efficient planning within companies and can give the optimal solution to these questions using forecasts and predictive models and in automated conditions, an automatic forecasting algorithm can be a very useful tool. valuable.

Although prediction is a field of great baggage, since there are many differences between the demand for one product and the demand for another, there is no model that is perfect for predicting all products. That is why at Dataknow we use different predictive algorithms to ensure the quality of the results. The methods can be grouped into the following families:

● Naive Methods.

● Exponential Smoothing methods.

● ARIMA methods.

● Other methods.

All of them consider historical data of the demand and external data of economic climate and others to make the estimation.

In conclusion, analytics offers a broad portfolio of tools to help companies make informed decisions and optimize their resources and efforts, which is now more valued than ever.

At Dataknow we offer our analytics services for projections oriented by industry and end user context, optimization of resources in the business core, improvement and construction of databases through cloud solutions with a focus on microservices and specialized support with knowledge personalized business to your industry.

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