I have sales data of my organization for last 3 years and based on that I have to forecast Budget amount for next Fiscal Year. Sales data is available across different Geographies for various Product subscription.
Now, I have gone through some blogs related to different Time series modeling on Analytics Vidhya and MachineLearningMastery and understand the basics pretty well.
- What is the ideal way to approach this problem?
- Should I use Time series analysis(ARIMA) or simple regression would be the best option.
Acc. to me since I have cross-sectional data(across geo and products) regression would best fit my problem. Though, if I divide my data into Distinct different combinations(Let's say 100) of Product/Geo/Year/Months, I might end up having 100 diff series which can be forecasted using ARIMA.
Any help/suggestion/reference are appreciated.