Advanced Analytics Forecasting
Why it always comes back to forecast accuracy
Modern enterprises are awash in data. And it is a fact that these data produce more accurate expected outcomes (and further returns) when wrung through statistical models, rather than guessed about. So why is there a hole in this marketplace?
Nearly all popular ERP, BI, and Performance Management systems advertise forecasting, but nearly all fall woefully short of delivering on forecasting’s full business potential. Why do we care? Because forecasting, when based on advanced analytics, is arguably the single greatest contribute to operating efficiency, savings, and customer satisfaction – across all industries. So, it is critical to define what forecasting is, and then being to parse it from the fray of business intelligence capabilities that are so commonly marketed as forecasting.
In business analytics, forecasting is the science of planning based on what is most likely to happen. Business intelligence, rather, enabled planning based on what has already happened.
Business intelligence is key to understanding the present, but it’s a far cry from the predictive power of advanced analytics forecasting. A cloud forecasting and planning platform that combines advanced analytics with automation and workforce collaboration helps organizations achieve:
- Improved forecast accuracy
- Lower inventory carrying costs
- Stronger gross margins
- Improved service levels
- Improved supply plan performance
Because of all potential IT investments, forecast accuracy is by far the single greatest driver of financial return.
Fill out the forms to download our white paper, Advanced Analytics Forecasting, and learn how forecasting holds the greatest potential for enterprise systems.