We earn commission when you buy through affiliate links.
This does not influence our reviews or recommendations.Learn more.
It is high time your business started using AI-powered tools for business forecasting.
Data forecasting has become an integral part of the planning process for business growth and commercial stability.
Nowadays, many applications use AI and Machine Learning technologies for data prediction.
What Is Business Forecasting?
These predictions are helpful when it comes to building informed strategies.
By forecasting, companies can identify the problems during any organizational investigation.
This process uses different quantitative or qualitative models to analyze the collected historical data.
There is a difference between the forecast data and actual performance.
Using the deviation, you’re able to improve the accuracy of future predictions.
Thus, companies can fulfill internal and external demands.
Predicting a companys growth model (sales/revenue) is also crucial for planning and strategizing.
They can also predict property prices from AI tools by considering location and historical pricing.
Manufacturers use AI forecast to reduce production downtime, boost efficiency, and improve customer satisfaction.
The predictions can also be used for process design, maintenance, supply chain optimization, etc.
Organizations providing healthcare services often face challenges while implementing new technologies.
Healthcare organizations can smoothly implement new technologies and streamline their existing processes with AI business predictions.
For insurance companies, tasks like risk management and customer satisfaction can be predicted with AI.
AI data forecasting informs sales companies about the leads with the maximum chance of a conversion.
It also helps by providing data such as willingness to pay and the chance of canceling membership.
Telecom companies use business forecasting with AI tools for building customer relationships and increasing user satisfaction.
Data prediction is also useful to retain loyal customers and eliminate fraud.
AI is also useful for determining product prices, comparing competitor data.
It also predicts the chance of accidents during product procurement and supply so you might stay prepared with insurance.
Companies dealing with operations can get a credit risk score and insurance costs for individuals using AI.
Also, they can point out employees who might leave the organization soon.
This end-to-end platform makes rapid AI model development possible in the cloud and on-premise.
It comes with a comprehensive autoML feature that ensures accurate and transparent data prediction rapidly.
Using autoML, you’re free to develop effective models or do many other tasks throughout the lifecycle.
With the help of its ML Interpretability toolkit, you could perform time series analysis for business forecasting.
Moreover, for petabytes, the tool uses distributed Machine Learning.
Neptune
Neptuneis an experiment management tool that lets you track Machine Learning results.
ML researchers and engineers can become more productive by using its single dashboard for decreased context switching.
The same platform lets you compare your models and debug them.
During model building and experimenting with them, you’ve got the option to control the process.
Companies can learn about the source dataset and the parameters of each model.
Moreover, Neptune keeps all ML metadata, including charts and metrics, in one place.
It offers integration with 30+ popular libraries of Machine Learning andIDE.
Hence, businesses get the most out of the apps they use regularly.
DataRobot
DataRobotuses Augmented Intelligence technology to bring intelligence revolution to different industries.
It utilizes machine learning models that need low code to generate real-time predictions.
By applying different AI features of this tool, businesses can facilitate data-driven and impactful decision-making.
It is possible to align the AI with your company culture so that you receive reliable data predictions.
This platform lets you define rules, policies, and controls for production models.
This advanced business forecasting model builds resiliency and reduces uncertainty while delivering predictions at scale.
Obviously AI
Obviously AIis a no-code platform that can predict revenue and business outcomes using Artificial Intelligence.
Companies can modify their supply chain and create tailored marketing strategies using business forecasting data.
As you choose the prediction category, Obviously AI will come up with the forecasts by using AI technology.
With virtually unbreakable AES-256 encryption, your data remains fully secure.
you’ve got the option to also use what-if scenarios to get predictions and understand the influencing factors.
On this platform, two types of AI forecasting are possible.
After churning out the data forecasting model, companies can share it with the public or the whole team.
The Low-code API is also available for real-time business forecasting from your own app.
With accurate predictions, it helps you with growth planning, future cash flow, and operations policy.
The tool mainly caters to the needs of global accounting firms and accounting businesses.
Futrli Predict analyzes every business transaction of your company to make an informed forecast.
It supports three types of predictions: freestyle forecasts, units forecasts, and repeating forecasts.
The prediction assistant of this app can explain the reason behind each prediction.
In addition, the tool also generates scenarios that tell you what will and will not happen.
Therefore, you might stay prepared for the best and worst in your business.
This baseline forecast will get generated every day with the updated data.
Futrli also supports hot-linking Google Sheets templates with Futrli Predict for complicated predictions like payrolls.
you could also toggle off the tool prediction anytime and add your data.
The tool also supports direct integration with Xero and Quickbooks.
Post integration, Futrli will import data from these apps every 24 hours.
Pecan
Pecangenerates predictive analytics data for operations and sales teams.
Thus companies can come up with solutions to their business problems.
Use Pecan, and you do not have to hire additional data scientists for business forecasting.
This tool also helps you cut the cost of code model building by the data scientists from the beginning.
It offers you the best-in-class data analytics experience at a broader scale.
Qlik offers AI-driven augmented analytics that people can leverage to improve human-centric analysis.
In addition, this tool broadens the data model reach and provides easily accessible interactive forecasts.
AutoML automatically generates models and tests what-if scenarios to come up with forecasts through a code-free process.
you might also publish the data on different cloud platforms, including Qlik Sense.
After building a data pipeline inSQL, you might schedule it for calculations.
Its interactive GUI lets you get into the necessary data with a few clicks.
Using Dataiku AutoML, teams can create high-class data models with numerous algorithms and parameters.
Besides having 32 core algorithms, Dataiku supports popular ML enginesPython, H2O, Spark, and TensorFlow.
Thus, you will realize the rationale behind every prediction and create your strategy accordingly.
On Dataiku, companies can develop and visualize different types of analysis.
These include principal component analysis, univariate analysis, bivariate analysis, correlations analysis, and statistical tests.
Business forecasting is an approach that helps businesses get an advantage over others.
AI forecasting makes the whole process sophisticated and cuts manual effort.
