The Use of Artificial Intelligence and Machine Learning in Forecasting the Financial Growth of Automobile Industries
Neelam R Patil1, Nagappa Pattanashetti2
1Assistant Professor, Department of MBA, Amruta Institute of Engineering & Management Sciences, Bidadi - 562019
2Assistant Professor, Department of Mechanical Engineering, Amruta Institute of Engineering & Management Sciences, Bidadi - 562019
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Abstract - The automotive industry's financial forecasting is vital for growth and competitiveness in today's rapidly evolving market landscape. Accurate and reliable forecasting is essential for strategic planning, resource allocation, and decision-making processes. However, traditional forecasting methods often struggle to adapt to the dynamic nature of the automotive sector, characterized by fluctuating consumer demands, evolving market trends, and complex supply chain dynamics. The integration of Artificial Intelligence (AI) and Machine Learning (ML) technologies has revolutionized financial forecasting in the automotive industry, transforming forecasting accuracy, efficiency, and decision-making processes. By leveraging AI algorithms and ML models, automotive companies can gain deeper insights into market dynamics, predict consumer behavior more accurately, optimize production schedules, and streamline distribution processes. This paper explores the transformative impact of AI and ML technologies on financial forecasting in the automotive industry, delving into key applications, benefits, challenges, and future directions of integrating these advanced technologies into forecasting processes. The adoption of AI and ML empowers automotive companies to make data-driven decisions with greater precision and agility, driving innovation, growth, and competitiveness in this dynamic sector.
Key Words: Artificial Intelligence, Machine Learning, Financial Forecasting, Automotive Industry, Predictive Maintenance, Hybrid Decision Support Systems, Production Planning and Control Systems, Intelligent Transport Logistics.
