Businesses are often confronted with uncertain situations characterized by high levels of variability, complexity and ambiguity. Such situations can result in sudden or unexpected changes in consumer behavior as well as changes in underlying business drivers. Changes in consumer behavior may reflect in terms of what, where and how they buy. Some categories might see gains, while others might see sales drop unexpectedly. As a result, businesses struggle to find ways to measure, prioritize and quickly respond to the new challenges they face. In such situations, forecasting techniques that rely purely on historical data no longer deliver desired results. A more modern and responsive approach is required.
The Dynamic Forecasting solution from Analytic Edge combines data integration with an Artificial Intelligence driven forecasting process that reduces reliance on historical data, reacts faster to recent trends and allows forecasts to incorporate changes in consumer behavior. 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 relevant data including macro, business and marketing data to build a forecast model using multiple Machine Learning based algorithms.
- AI-Driven Continuous Recalibration – It improves forecast accuracy quickly by adapting to emerging trends with every data update and making a causal link between evolving business drivers and the forecast.
- Dynamic Scenario Planning – Planners make assumptions on projected trends for the business drivers included in the forecast model. They do so using their own judgement or with the help of built-in Machine Learning techniques. All assumptions are factored into the latest recalibrated model, for the most current and accurate forecast possible.
- 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.