Blog series: An introduction to using machine learning in marketing - for regression problems - Iridium

Time series forecasting, such as predictions of sales values and volumes, can be a challenging problem, particularly when classical statistical methods do not cope well with the complexity of the data. Forecasting with these methods can be time-consuming, taking weeks or months at a time to deliver. Machine Learning (ML) algorithms can detect complex relationships and trends within the data and create accurate sales forecasts nearly in real time. ML is therefore becoming an increasingly valuable tool for brand owners, enhancing their ability to make the right decisions faster. In our previous blog in this series, titled An introduction to using machine learning in marketing – for classification problems, we discussed the basics of machine learning, the Random Forest algorithm for classification problems and how it can be used in Smart Marketing campaigns.