Current business forecasting methods rely heavily on simple predictions or employee assumptions. In fact, your company probably uses a host of Excel spreadsheets to make decisions that have a major impact on the organization’s operations. However, these methods contain many biases since forecasts are often based on individual instincts or on incomplete or even inaccurate information.
The advantage of prediction models is that they allow you to exploit the full potential of different data sources. Thus, by using your in-house data (e.g., data from your ERP system) and external data (e.g., weather, economic conditions), you will be able to obtain reliable, real-time predictions.
From forecasting to predicting
You should implement forecasting systems within your company if you are looking for a solid foundation to make informed and even automatic decisions in the following areas:
- Demand planning
- Financial resource planning
- Inventory planning
- Sales planning
- Resource planning
- Procurement automation
- Predictive maintenance
If you’re ready to get started or want to know if you have the data needed to implement this type of AI, let us know, and we’ll look into it with you!
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