Systematically increase planning accuracy with feature-based forecasting
Featurebased forecasting is a predictive method for data analysis with the aim of improving planning accuracy. In this process, internal data is enriched with external data and analyzed through modern modeling, resulting in a reduction of planning errors by more than 60%.
Conventional planning as a risk for future viability
In the context of digitalization, effective planning within the company is gaining in importance in order to deploy resources in a targeted way. Studies show that unsystematic planning is the biggest obstacle to efficient use of resources. Manual planning with Excel currently dominates in most German companies [BAR18]. This procedure is both time-consuming and error-prone. Moreover, it is hardly possible to systematically increase the planning accuracy because the manual procedure is largely dependent on the intuitionof the decision-makers– gut feelings and empirical values cannot be quantified.
The aim of feature-based forecasting is to reduce the manual time required and at the same time increase the planning accuracy. In this approach, specific features relevant to the use case are identified, data is enriched accordingly, and a model is developed based on machine learning algorithms.
Use Case: Increase the sales forecast accuracy of a sports betting provider in a specific segment.
Transform8 has developed and implemented a Predictive Planning model for a client in the sports betting industry, resulting in a significant increase in planning accuracy.
The use case demonstrates that companies can achieve better predictability along their business model and higher planning quality through Feature-based Forecasting, while the overall time spent on planning decreases. The technical basis of the project was the planning tool Board. With Board, Transform8 was able to create an intuitive environment for users while providing all the necessary interfaces to other tools and data sources.
How does predictive planning work?
For more information, see the article linked below:
Why Transform8?
Our extensive experience in digitalization and BI projects equips us at Transform8 with the necessary knowledge, technical language, and expertise from both the business and IT sectors. As an external partner, we can objectively conduct requirement and inventory assessments and, based on these, work with all stakeholders to develop customized solutions. Our knowledge and experience enable our team to quickly change perspectives, which benefits you when translating your business requirements and goals into a technically implementable solution. We would be glad to train your employees so they can act independently in the future. Shape your digital future with us as your partner!
Problems at a glance
Missing interface position
Lack of data competence
Different perspectives
Different professional jargon
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