System and method for determining trailing data adjustment factors
View Patent ↗Timely projections of product sales for a reporting time period are obtained by combining actual sales data received from reporting stores and estimated sales data for non-reporting stores. The projections are adjusted to account for trailing data, which may be reported after the end of the subject time period.
1. A method for predicting market product transactions comprising the steps of:
receiving first data representing purchases and sales of products by a plurality of pharmaceutical outlets;
calculating, using the first data and a computer processor, an estimated number of sales of a product at one of the plurality of pharmaceutical outlets during a sales time interval;
receiving second data representing an actual number of sales of the product at the one of the plurality of pharmaceutical outlets during the sales time interval;
if the second data is received after a reporting time period, maintaining the estimated number wherein the second data received after the reporting time period is trailing data;
if the second data is received during the reporting time period, replacing the estimated number with the actual number, wherein the second data received during the reporting time period is actual data; and
storing the actual data and the trailing data in a database;
calculating using a computer processor, a trailing data factor using at least the trailing data and the actual data for a plurality of reporting time periods;
adjusting the actual data using the trailing data factor, as the actual data is received, in order to take into account trailing data.
2. The method of claim 1 , wherein calculating and adjusting are performed at a product by product level.
3. A system for predicting market information comprising a processor and a memory arrangement configured to perform the steps of:
receiving first data representing purchases and sales of products by a plurality of pharmaceutical outlets;
calculating, using the first data an estimated number of sales of a product at one of the plurality of pharmaceutical outlets during a sales time interval,
receiving second data representing an actual number of sales of the product at the one of the plurality of pharmaceutical outlets during the sales time interval;
if the second data is received after a reporting time period, maintaining the estimated number wherein the second data received after the reporting time period is trailing data;
if the second data is received during the reporting time period, replacing the estimated number with the actual number, wherein the second data received during the reporting time period is actual data; and
storing the actual data and the trailing data in a database;
calculating a trailing data factor using at least the trailing data and the actual data for a plurality of reporting time periods;
adjusting the actual data using the trailing data factor, as the actual data is received, in order to take into account trailing data.
4. The system of claim 3 , wherein calculating and adjusting are performed at a product by product level.