How external data and predictive AI can hone business planning

LONDON, UNITED KINGDOM, January 19, 2022 /EINPresswire.com/ -- In an Industry View piece published on Business Reporter, predictive AI technology and solution provider Prevedere talk about how the more intensive use of external market data and predictive AI can enable short and medium-term predicting and planning. The pandemic has demonstrated that emerging economic trends, sudden industry shifts, and unpredictable customer behaviour are often beyond the control of business strategists and therefore can make predictions rather inaccurate – we still remember how businesses struggled with unexpected distribution bottlenecks, market shortages and steeply rising material costs in the first months after Covid hit. This called for feeding new types of data into the forecasting process. Businesses responded to the lasting trauma of collapsing supply chains by making their prediction and planning processes more robust.

First of all, they have increasingly started augmenting their internal data with external market signals. Secondly, they are leveraging statistical methods of econometric modelling in order to better quantify uncertainty and incorporate it into the planning process. Thirdly, they realised the importance of revisiting and iterating their plans more frequently. By deploying Prevedere’s intelligent solutions that enable consensus forecasting, risk mitigation, growth optimisation and ‘crystal ball’ competitive foresight, businesses can achieve unprecedented forecast accuracy, avoid big misses and develop more economically educated product development and sales teams.

To learn more about the power of external data and AI in strategic planning, read the article.

•• About Business Reporter ••

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•• About Prevedere ••

Prevedere is the world’s leading provider of predictive analytics technology and solutions based on econometric modeling, enabling intelligent enterprises to understand and quantify the impact of external factors as part of their strategic planning and forecasting. Our global data repository and patented AI platform enable financial executives and operational planners to identify market drivers, quantify the future impact of economic volatility, generate performance forecasts and scenarios, and optimize plans based on market foresight.

Prevedere’s automated AI model monitoring provides an early warning system when unplanned market shifts and anomalies are predicted, enabling planners to future proof business performance. Many of the world’s leading consumer packaged goods, retail, logistics, and manufacturing companies leverage Prevedere to generate economic intelligence, spot market opportunities, mitigate risks, and deliver exclusive competitive advantage.

https://prevedere.com

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