Tag: forecasting

Artificial Intelligence | Cloud | Innovation | Internet of Things | Predictions
Spiros Potamitis 0
Getting a glimpse into the future of forecasting

In a global economy marked by fragile supply chains, scarce resources and rising energy costs, the spotlight is on forecasting to address these issues. In 2022, McKinsey & Company uncovered a staggering $600 billion annual food waste, equating to 33% – 40% of global food production, spotlighting the devastating consequences

Advanced Analytics | Artificial Intelligence | Data Visualization | Machine Learning
Jessica Curtis 0
How to cultivate trust in analytical models and improve forecast adoption

Often the biggest challenge when implementing a successful forecasting process has nothing to do with the analytics. Forecast adoption – incorporating forecasts into decision-making – is just as high a hurdle to overcome as the models themselves. Forecasting is more than analytical models Developing a forecasting process typically begins with

Advanced Analytics | Analytics | Data Management | Data Visualization
Charlie Chase 2
Misnomers regarding outliers and their usefulness in statistical modeling

Outliers provide much-needed insights into the actual relationships that influence the demand for products in the marketplace. They are particularly useful when modeling consumer behavior where abnormalities are common occurrences or unforeseen disruptions that impact consumer demand. But why do demand planners cleanse out outliers, when many are not really

Advanced Analytics | Analytics | Artificial Intelligence | Machine Learning
Charlie Chase 0
Rapid demand response forecasting helps retailers adapt during COVID-19

Rapid demand response forecasting techniques are forecasting processes that can incorporate key information quickly enough to act upon in real time by agile supply chains.   Retailers and consumer goods suppliers are urgently trying to determine how changes in consumer behavior will affect their regions, channels, categories, brands and products during

Advanced Analytics | Analytics | Artificial Intelligence | Machine Learning
Charlie Chase 0
How do I explain a flat-line forecast to senior management?

How do you explain flat-line forecasts to senior management? Or, do you just make manual overrides to adjust the forecast?    When there is no detectable trend or seasonality associated with your demand history, or something has disrupted the trend and/or seasonality, simple time series methods (i.e. naïve and simple

Analytics | Artificial Intelligence | Machine Learning
Charlie Chase 0
Is machine learning practical for statistical forecasting?

There's been a lot of hype regarding using machine learning (ML) for demand forecasting, and rightfully so, given the advancements in data collection, storage, and processing along with improvements in technology. There's no reason why machine learning can't be utilized as another forecasting method among the collection of forecasting methods

Analytics | Artificial Intelligence | Internet of Things | Machine Learning
Charlie Chase 0
Practical approaches to new product forecasting using structured and unstructured data

When it comes to forecasting new product launches, executives say that it's a frustrating, almost futile, effort. The reason? Minimal data, limited analytic capabilities and a general uncertainty surrounding a new product launch. Not to mention the ever-changing marketplace. Nevertheless, companies cannot disregard the need for a new product forecast

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