How often have you had the thought “if I only knew that … then I would have …”? Knowledge of the future would likely have changed your decisions, and although we can’t provide you with a magic crystal ball, accurate forecasting is the next best thing.
Forecasting is the process of making predictions of the future based on historical data and is used to inform business decisions in many areas including retail, marketing, telecommunications, finance and insurance. Forecasting can provide data-driven insights informing critical decisions and can be applied to both short-term, fast paced aspects of business, such as daily or weekly sales, or long-term behaviour like economic, seasonal and social changes.
A general process for achieving accurate forecasts, which has been applied by Opti-Num, is described below:
Data Processing – Data is accessed from many sources, including databases, csv files, Excel, or text data. Data is processed and aggregated to deal with missing data and outliers.
Data Analytics – Data trends are explored and high-impact variables are identified – this establishes confidence in the data or may identify fundamental flaws that prohibit accurate model creation.
Model Creation – Using a combination of statistics, machine learning, and Artificial Intelligence (AI), our Business Intelligence Team can develop robust forecasting models which are back-tested on real historical data to quantify their accuracy, thus providing confidence in decisions influenced by the model results.
At Opti-Num Solutions, we know that your business needs are unique. For this reason, each forecasting model is tailored to both your data and a deep understanding of your business considerations. We take pride in walking this journey with our customers. Opti-Num Solutions’ tools and Business Intelligence Services are well positioned to help your company get the most out of forecasting.