Business Challenges of Forecasting Sales in Bakery Industry: Applications of Machine Learning Algorithms

Perini PraveenaSri (), Vaddi Naga Padma Prasuna (), R. Murugesan and S. P. Usha
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Perini PraveenaSri: ICFAI Foundation for Higher Education, ICFAI Faculty of Social Sciences
Vaddi Naga Padma Prasuna: Atria Institute of Technology, Electronics and Communication Engineering
R. Murugesan: Narasimha Reddy Engineering College, Electronics and Communication Engineering
S. P. Usha: Atria Institute of Technology

A chapter in Proceedings of the International Conference on Emerging Trends in Business & Management (ICETBM 2023), 2023, pp 335-352 from Springer

Abstract: Abstract The bakery industry is continually advancing with the send-off of inventive items there by making future development. The rising impact of western consuming regimens, expanding urbanization, the rising working ladies’ populace, essentially add to the advancement of the baked products industry. The worldwide pastry kitchen items market is anticipated to develop from USD 416.36 billion of every 2021 to USD 590.54 billion by 2028, developing at a Compound Annual Growth Rate of 5.12%. Taking cue from this, the research paper has deployed machine learning (ML) strategies in the area of sales forecasting for the purpose of easing production planning as an integral part of Business Management. Machine learning is used in the French Bakery Industry Data Set with a reference period of from 2021-01-01 to 2022-09-30 to use a wide range of varied variables. For example, total sales, total return, sales per return and sales forecasting that affect the production of products. The research investigation of a pastry shop organization shows that there are tremendous variations in the demand depicting the seasonality of sales across numerous differentiated products of bakery items. With our research study, the paper hopes to stimulate scholars to momentously investigate in the arena of sales planning using machine learning. The paper also ushers gainful insights by application of premeditated strategic management tools in the various Business processes in the Bakery Industry.

Keywords: Bakery Industry; Sales Forecasting; Strategic Management tools; Machine Learning Algorithms (search for similar items in EconPapers)
Date: 2023
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DOI: 10.2991/978-94-6463-162-3_30

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