Leverage AI for Accurate Forecasting in Unprecedented Business Environments
Business today face a challenging situation due to the Covid-19 pandemic which has introduced unprecedented levels of Variability, Uncertainty, Complexity and Ambiguity (VUCA). Safety concerns, travel restrictions, store closures and uncertainty about the future have all changed consumer behaviour suddenly. While some categories have seen gains, others have seen sales falter. Changing purchase habits have also impacted not just what customers buy but also where and how they buy it. As a result, businesses are struggling to find ways to measure, prioritize and rapidly respond to the new challenges they face.
Analytic Edge’s Dynamic Forecasting solution combines data integration with a dynamic, AI-driven forecasting process to help businesses navigate forecasting and planning challenges in VUCA situations such as Covid-19. It continuously recalibrates with every data update and improves forecast accuracy over time, helping brands plan ahead and stay on top in fast-evolving business environments.
Key Features & Benefits
Relevant Data & Multiple ML Algorithms for Modeling – The solution incorporates extensive and relevant data including macro data, Covid-19 or other VUCA event-specific data, and marketing and business data to build a forecast model using multiple ML-based algorithms.
AI-Driven Continuous Recalibration – The solution improves forecast accuracy quickly by adapting to emerging trends with every data update and making a causal link between consumer, economic, channel and other business drivers and the forecast.
Dynamic Scenario Planning – Planners can change assumptions on their own, or with the help of built-in ML and AI projection techniques such as Prophet or Deep AR. The solution provides guidance on which techniques to use for different forecast inputs. This produces more consistent planning results, without compromising the ability to build in safety margins or make expert judgements where needed. All assumptions feed the latest recalibrated forecast model, for the most current projections the data can provide.
Automated Solution – Automation allows the solution to be scaled across different products, markets and channels so that businesses can plan more effectively, with forecast results mapped to the right operational and financial decision-making units.
Intuitive Dashboard – Results are presented via an intuitive and interactive dashboard where users see the current recalibrated forecast and can simulate new scenarios using different assumptions.