Time series forecasting has been one of the important area in data science, it is important to predict a variable associated with time elements such as sales, demand, revenue, profit etc. For logistic and supply chain companies, they need to know the exact inventory they need to stock for that they need to predict the demand for future.
Similarly, people in sales and marketing need to know how much order the customers are going to place so that they can manage their staff. Telecom companies should know how much manpower they need to prepare so that they can handle peak hour traffic etc. In various businesses, at least 5-10 areas where the variable of interest is associated with the time element.
Let’s look at few examples where we can apply various time series forecasting techniques.