Understanding consumer demand for goods and services is a primary goal for any business to optimize operational efficiency, customer satisfaction and profitability. Data-driven and precise demand forecasting is imperative for manufacturers, suppliers and retailers to gain a competitive edge over competitors, correctly identify consumer needs, identify trends, improve the supply chain, accurately forecast revenue, price competitively, and curb unnecessary expenses stemming from too much or too little supply. Companies have widely used demand forecasting models from complex inventory management to accurately planning and managing human resources across wide industries.
The STATISTICA Demand Forecasting Solution is designed to automate the building of powerful forecasting models for supply, demand and pricing to make more-profitable decisions. To ensure maximum accuracy and efficiency, the system can be used to include auxiliary parameters such as time-frames (seasonal, quarterly, holidays), climate etc. that influences production or demand. Additionally, with STATISTICA, the models are maintained with automatic updates and the resulting predictions are automatically uploaded to the appropriate databases which results in faster reporting, even including real-time data.
- Apply Robust Prediction Algorithms. The STATISTICA Enterprise solution goes beyond standard time-series methods to apply robust general forecasting algorithms that identify repeatable patterns and trends, and the drivers behind them
- Automatic Model Selection: STATISTICA automatically builds and selects the best forecasting model or ensemble of models.
- Comprehensive Statistical Tools package: STATISTICA Data Miner provides you with an arsenal of the most powerful statistical tools available.
- Enterprise-wide Workflow: Multi-user system enables collaborative work in a role-based, team environment and is easily scalable to address any workload.
- Find Influential Factors: Isolate variables that spark shifts in demand, and use that information to react quickly as well as stimulate demand increases when possible.
- Keep Forecast Models Current, Automatically: Forecast models need updated frequently to stay current. STATISTICA Enterprise automates the analysis to update the set of forecast models across the entire operation: multiple product lines, locations, SKUs, etc.
- Monitoring System: An easy-to-use analytic dashboard facilitates 24/7 monitoring and helps to control prediction accuracy over time.
- Optimize Processes: Dig deeper to find root causes, and enable whole process understanding that was previously not possible.
- Predict Demand Based on Your Business Data: Forecast modeling tools make it possible for you to better estimate demand, allowing for nimble changes in production, staffing, or general resource allocation.
- Stay Aware with Automated Reporting and Tracking: Reports are generated automatically and sent to the appropriate personnel for review. Alerts notify of changes in demand that need addressed.
- Understand and Communicate with Precision: Built-in descriptive statistics and visualization capabilities make analytics and reporting simple.
Argonauten360° implemented STATISTICA Data Miner to forecast call demand and aide in price modeling in Europe’s very competitive telecommunications market. They were able to increase margins and become a leader in the industry. Read more of the success story.
A leading US communications and cable services provider successfully automated accurate demand and churn forecasts based on models that recalibrate nightly. These models not only take into account recurring seasonal variability, but also the impact of promotions, economic indicators, and more. Read about this successful implementation here.