Do you think your forecasts have a good fit?
The founders of the association ‘AI Austria’ want to support Austria to become a leading player in the field of Artificial Intelligence. This includes research in technical, social and ethical questions as well as the practical application of AI in companies. Artificial intelligence is no longer only a hype in industry or the scientific community. A lot of summits and discussions currently adress the AI-topic. It is also becoming essential for the educational sector to offer AI-programmes. In times of Big Data, working with skilled Data Analysts becomes an essential advantage for companies.
Today, for every company, it is important to adopt gamechanging new technologies as early as possible, gain a competitive advantage and profit from a better decision base. SmartPM.solutions has a dedicated and comparatively big application design team (>20% of all employees) with qualified experts in the field of artificial intelligence. By using machine learning methods, challenging patterns in the data set can be identified and where other statistical methods like Holt-Winters Triple Exponential Smothing fail, accurate forecasts can be provided. In our analysis approach more than 40 networks with different structures are tested and the best one for a solid forecast is selected automatically.
It is much more reliable and easy to estimate e.g. the probability of sucess or a deal closing month with a variety of forecasting methods like NN, Logistic Regression, Random Forests and Support Vector Machines – rather than relying on the subjective estimates of the sales force. By using the smartPM sales performance forecasting module, different forecast outcomes are clearly visualized, suggesting the forecast with the best fit. Scenario based what-if-analysis with auto-detection of the best forecast method fit allows for better decisions. Big data sets can be easily handled and the forecast precision is notable. Another big advantage of machine learning methods is, that a lot of parameters like region, company size, products etc. are considered and weighted. The most relevant parameters are automatically selected by mathematical methods like Principal Component Analysis to maximize accuracy and avoid overfitting. Plans and forecasts are created at the push of a button, hence allowing for true agile decision making.
AI offers a variety of opportunities in almost all sectors of the economy – better to be on top of it!