BI Forecasting For Business

• BI Forecasting for Sales Demands
  Forecasting tool uses historical sales data, mathematical calculations (forecasting models) and human intuition to forecast future inventory requirements and allows adjustments for seasonal fluctuations, thus ensuring that forecasting matches the natural curve of your business demand. On the basis of these forecasting analyses, business managers can make manual adjustments for unusual events or unseasonal demands. These business intelligence forecasts can be used to feed into upcoming inventory / material requirement planning. In addition, BI forecasting for sales demands also helps you achieve sales targets by enabling you to forecast future pricing, promotions and point-of-sale data.

• BI Forecasting for Manufacturing
  As a matter of fact, production planning is not an easy task, as both overcapacity and under capacity lead to significant costs. You need to have good inventory control and instead of going with your gut feeling you should procure based on accurate information to avoid excess inventory. Business intelligence forecasting software can enable manufacturers to predict future orders, shipments and inventory availability to manage material requirement planning. Improving the accuracy of order forecasts and sharing the information throughout the demand chain increases sales, removes unnecessary inventory and reduces planning time. In addition to increasing sales, forecasting for manufacturing reduces buffer inventory levels throughout the entire system.
  
  Moreover, business intelligence forecasting has the potential to optimise supply chain management. In supply chain, managers can use forecasts to make production, procurement, and logistical plans. This way, forecasting for manufacturing can be used to make sure that the right product is at the right place at the right time. Besides, accurate forecasting will help retailers reduce excess inventory and therefore increase profit margin.

• BI Forecasting for New Product Launch
  Market research and forecasting are extremely helpful for launching new products, as they let you envisage complete product plan including revenue generation and profits. In a typical scenario, a multi national company launches a new product variant on the basis of on-market research and historical data, with or without promotion. Forecasting for new products launch can empower analysts to pinpoint exactly which segments of consumers are most likely to buy this new offering, which segments of consumers are not likely to buy, and which segments of consumers will buy only if there is a promotional offer coming along – with significant granularity. Having said this, forecasting for new products launch one of the several ways of customer validation, that is, determining if customers will really purchase a new product variant or not. Thus, accurate business intelligence forecasting of product market adoption enables optimal planning of resources, investments, revenue, marketing and sales.

• BI Forecasting for Retail Chains
  For an organization that offers multiple commodities, a business intelligence analysis of existing customer behaviour can lead to efficient cross selling of products. This directly leads to higher profitability per customer and strengthens relationship with customer. Forecasting for retail chains can help analyze customers’ spending, usage and other behaviour, and help cross-sell the right product at the right time. Further, business intelligence forecasting enables retailers to forecast future sales, out-of-stocks and transaction volume and even identify customer demands.

• BI Forecasting for e-Commerce and Online Sales
  Successful online businesses need to provide competitive prices and an attractive line of products to gain competitive advantage, which puts their inventory management in constant tension to provide a good service level. Moreover, in today’s dynamic e-commerce environment customer demands are constantly changing as they have more choices and information. This makes accurate forecasting even more difficult. Forecasting software ElegantJ BI’s forecasting for e-commerce and online sales will help understand customer behaviour and give insights into market situation to make an online business successful. In addition, forecasting will help in the various aspects of e-commerce including customer profiling, product recommendation, Availability to Promise (ATP), shipping and management of collection of funds from customers.

• BI Forecasting for Retail Finance Companies and Banks
  Retail finance companies and banks perform risk management using predictive analysis. Business intelligence forecasting allows them to assess both risks and opportunities through comprehensive business intelligence analysis of demographic and geographic profile of customers. Through forecasting for retail finance companies and forecasting for banks, they can find answers to their everyday questions such as how many customers are likely to default on loans and how many customers are likely to be profitable and long-term customers. In addition, they can determine the demographic groups or geographic regions that are responding well and the ones that are not. Equipped with this insight on the expected consumer behaviour, the retail finance companies and banks can make decisions about marketing new products to these customer segments.

• BI Forecasting for Customer Credit Rating
  Fraud is a big setback for many businesses and can be of diverse types. Imprecise credit applications, counterfeit dealings, identity thefts and false insurance claims are some examples of this problem. These problems plague firms all across the spectrum and some examples of likely victims are credit card issuers, insurance companies, retail merchants, manufacturers, business to business suppliers and even services providers. This is an area where a forecasting system is often used to help remove the scam and reduce a business's experience to fraud. Business intelligence forecasting tool enables firms to assess credit rating through comprehensive business intelligence analysis of demographic and geographic profile of customers. Forecasting for customer credit rating helps them determine the customers that are likely to be profitable and the high risk customers. With this information on the expected consumer behaviour, firms can evade all types of risks and frauds.

• BI Forecasting for Travel & Tourism
  Travel & Tourism industry is very difficult to predict because of its cyclical nature and external factors beyond control, such as impact of high oil price on aviation; political, cultural, economic and social uncertainties, and so forth. Forecasting for travel and tourism enables these companies to come up with accurate predictions to determine future call volume to learn about tourism demands at a particular season and thus meet future demands. Capacity planning is another area where business intelligence forecasting for travel and tourism can play important role; it can help identify unused or available capacity for cost saving. Forecasting can help analyse customers’ behaviour and develop customers’ profiling supported by special benefit program to cultivate loyalty among customers. Further, forecasting for travel and tourism can even help expand customer base and improve customer services by identifying new customer sectors and changing behaviour of existing customers, thereby maximising customer retention and lowering customer churn.

• BI Forecasting for Call Centers and Business Process Outsourcing
  Business intelligence forecasting can play a significant role is management decisions in call centres and BPOs. It can accurately forecast upcoming calling volumes by examining inbound call volumes, thus allowing you to appropriately fine-tune your staffing capacity to improve customer satisfaction. Forecasting for call centers and business process outsourcing will enable you to increase the quality of your planning processes and let you effectively deal with significant issues related to infrastructure capacities, seasonal trends, workforce administration, expense of staff, staffing capacity, timings of shifts, number of staff per shift and bandwidth, among others.

Get a comprehensive overview of ElegantJ BI Forecasting.