METHOD AND SYSTEM FOR USING SOCIAL MEDIA FOR PREDICTIVE ANALYTICS IN AVAILABLE-TO-PROMISE SYSTEMS
A method and system are provided in which a computing device comprising an available-to-promise system of a merchant or business collects information content from at least one social networking website. The computing device may analyze the collected information content to extract data items that identify a product or service. Based on a result of the analysis, a composite score of predicted demand for the product or service may be generated by the computing device. The score may be used in the ATP system for generating a demand forecast used by the merchant or business in purchasing or allocating the product or service.
1 . A method for using social media for predictive analytics in available-to-promise (ATP) systems of a merchant or business, the method comprising:
collecting information content from a plurality of online sources, the plurality of online sources comprising at least one web site of a social network;
analyzing the collected information content to identify and extract data items associated with a product or a service offered by the merchant or business;
generating a score representative of predicted demand for the product or service, using the extracted data items;
producing information representative of actual consumer demand for the product or service and availability of the product or service by tracking orders and inventory of the merchant or business;
incorporating the information representative of consumer demand for the product or service and availability of the product or service, into a heuristic used in generation of the score; and
mapping the score to product quantity values used by the merchant or business to purchase and allocate the product or service for sale to consumers.
2 . The method according to claim 1 , wherein the information content comprises a consumer review or comment identifying the product or service.
3 . The method according to claim 1 , wherein the information content comprises a promotional offer identifying the product or service.
4 . The method according to claim 1 , wherein the extracted data items comprise a representation of consumer sentiment identifying the product or service.
5 . The method according to claim 1 , wherein the generation of the score is performed using a machine learning based system.
6 . The method according to claim 1 , wherein the product quantity values used by the merchant or business to purchase and allocate the product or service for sale to consumers are predicted ranges of quantities of the product or service to be purchased and allocated by the merchant or business for sale to consumers.
7 . The method according to claim 1 , wherein the social network comprises an online community of individuals who use the website or other technologies to share information and/or resources with one another.
8 . A non-transitory computer-readable medium having a plurality of code sections, each code section comprising a plurality of instructions executable by at least one processor to cause the at least one processor to perform a method for using social media for predictive analytics in available-to-promise (ATP) systems of a merchant or business, the steps of the method comprising:
collecting information content from a plurality of online sources, the plurality of online sources comprising at least one web site of a social network;
analyzing the collected information content to identify and extract data items associated with a product or a service offered by the merchant or business;
generating a score representative of predicted demand for the product or service, using the extracted data items;
producing information representative of actual consumer demand for the product or service and availability of the product or service by tracking orders and inventory of the merchant or business;
incorporating the information representative of consumer demand for the product or service and availability of the product or service, into a heuristic used in generation of the score; and
mapping the score to product quantity values used by the merchant or business to purchase and allocate the product or service for sale to consumers.
9 . The non-transitory computer-readable medium according to claim 8 , wherein the information content comprises a consumer review or comment identifying the product or service.
10 . The non-transitory computer-readable medium according to claim 8 , wherein the information content comprises a promotional offer identifying the product or service.
11 . The non-transitory computer-readable medium according to claim 8 , wherein the extracted data items comprise a representation of consumer sentiment identifying the product or service.
12 . The non-transitory computer-readable medium according to claim 8 , wherein the generation of the score is performed using a machine learning based system.
13 . The non-transitory computer-readable medium according to claim 8 , wherein the product quantity values used by the merchant or business to purchase and allocate the product or service for sale to consumers are predicted ranges of quantities of the product or service to be purchased and allocated by the merchant or business for sale to consumers.
14 . The non-transitory computer-readable medium according to claim 8 , wherein the social network comprises an online community of individuals who use the website or other technologies to share information and/or resources with one another.
15 . A system for using social media for predictive analytics in available-to-promise (ATP) systems of a merchant or business, the system comprising:
at least one processor for communicatively coupling to at least one user terminal device, the at least one processor operable to, at least:
collect information content from a plurality of online sources, the plurality of online sources comprising at least one web site of a social network;
analyze the collected information content to identify and extract data items associated with a product or a service offered by the merchant or business;
generate a score representative of predicted demand for the product or service, using the extracted data items;
produce information representative of actual consumer demand for the product or service and availability of the product or service by tracking orders and inventory of the merchant or business;
incorporate the information representative of consumer demand for the product or service and availability of the product or service, into a heuristic used in generation of the score; and
map the score to product quantity values used by the merchant or business to purchase and allocate the product or service for sale to consumers.
16 . The system according to claim 15 , wherein the information content comprises a consumer review or comment identifying the product or service.
17 . The system according to claim 15 , wherein the information content comprises a promotional offer identifying the product or service.
18 . The system according to claim 15 , wherein the extracted data items comprise a representation of consumer sentiment identifying the product or service.
19 . The system according to claim 15 , wherein the generation of the score is performed using a machine learning based system.
20 . The system according to claim 15 , wherein the product quantity values used by the merchant or business to purchase and allocate the product or service for sale to consumers are predicted ranges of quantities of the product or service to be purchased and allocated by the merchant or business for sale to consumers.
21 . The system according to claim 15 , wherein the social network comprises an online community of individuals who use the website or other technologies to share information and/or resources with one another.