State-of-the-art Forecasting – Solve your Business Challenges Proactively

By – Savitha Nair

(Business Relationship Manager | Digitate)

Any industry, be it Telecom, Retail, Banking and Financial Services, Energy and Utilities, Airlines, and so on are heavily dependent on IT services for their day-to-day business operations and transactions. Hence, any interruptions to the IT services is most likely to have a similar impact across industries. Business interruptions are chaotic, and we sometimes forget their priority during our race towards innovation and digital transformation.

For any effective solution that can help eliminate the interruptions, there are three basic functions it must perform – predict, prescribe, and prevent. It all begins from predicting the issues that can occur, moving towards prescribing solutions for it and finally plan towards preventing the issue from occurring.

Analysing the reasons for interruptions needs data, and a lot of it. The best place to look for it is in business processes. Business processes churn out a variety of data and the corresponding IT services effectively process this data to solve business challenges. The abundance of data from each industry can be captured to predict/forecast the demands of the future. We can build business solutions, uninterrupted business process and IT services based on the available historical data.

Historical data has a crucial role in forecasts. Data has various patterns such as changes, outliers, constant, linear, trends, and various other seasonal and cyclical patterns that need pre-processing before forecasts. The approach for any forecast varies based on the data types and these patterns.

The generic approach can be:

  • Identify and collect Data
  • Data validation and Data cleansing
  • Derive Forecast Method using best-fit algorithms
  • Accuracy Check
  • Plot the Forecast Values

Several forecasting methods across several demand patterns such as constant, linear, trend, and so on are available in the industry. However, no single model is better than others to be blindly used for addressing your business challenge – it’s a time-consuming project. In this generic approach for the forecast/prediction model, the data scientist’s expertise for prediction, or through an expert AI/ML product is crucial.

Wouldn’t it be amazing if you knew how you can forecast business problems in your respective industry and ensure your enterprise is ready to tackle them? Forecast solution for business challenges across industries are provided below:

Industries

Forecast Solution for Business problems

Manufacturing

Determine the likelihood of breakdowns. Manufacturers can then plan to shut down machines for preventive maintenance.

Use predictive analytics to limit or prevent any impact on the production pipeline.

Predict and prevent plant floor issues, machinery failure and sales forecast.

Telecom

Predict and prevent potential customer to churn.

Predict the Customer Lifetime Value (CLV) and Customer sentiment analysis

Efficient network failure management, fraud management and Sales forecast.

Retail

Customer preference forecast using point of sale behaviours, and social media trends

Analyse credit card activity to make product recommendations to customers

Predicts demand and managing inventory, optimize the price based on prediction

Predicts trends in the market.

Oil, Gas and Energy

Predict oil recovery rates

Determine the likelihood of breakdowns and plan for preventive maintenance

Use predictive analytics to limit or prevent any impact on the production pipeline.

Travel and Hospitality

Identify the optimum price for their service that will keep them competitive while also satisfying customers

Predictive analytics coupled with in-depth customer testimonials and data to motivate purchases and loyalty through customization

Future fares based on travel trends, seasonal trends, growth, or reduction in demand, festive or occasion-centric deals.

Medical and Healthcare

Forecast public health issues that help in reducing waste

Quicker diagnoses, create better treatment plan and enable new approaches to insurance.

IT Service/Support

Detect the plausible events and prescriptive action to ensure the availability and resiliency

Capacity and demand forecasting

Governments

Census prediction – improve health plans

Urban planning – energy, education, transport systems, and other demand forecasts

Community problems prediction.

The above table provides a clear vision of how forecasting in enterprises across industries, helps predict business challenges that can be prevented by ensuring IT operations is stable, resilient, agile, and effective. To forecast business challenges owing to IT disruptions effectively, needs a solution that is efficient, accurate and industry agnostic.

ignio is an AI-driven Autonomous Enterprise Solution which has an all-round prediction engine which your enterprise needs. ignio’s three ‘Pillars’ – Predict, Prescribe and Prevent cuts across different domains, industries, functional and technological layers.

ignio AIOps’ Proactive Optimization assures business and IT operations by predicting and preventing repetitive issues, risks, and anomalies. By leveraging the continuously learnt contextual knowledge of enterprise systems and applications, ignio predicts issues 2-8 hours in advance and helps eliminate disruptions.

ignio AI.Workload Management predicts batch operations in real-time, sends early notifications of SLA violations, diagnoses cause and recommends corrective actions.

ignio Cognitive Procurement’s Proactive Problem Management analyses spend data across various parameters and delivers an exhaustive view of an enterprise’s procurement behaviour. By detecting maverick transactions, mining exception patterns for anomalies and predicting corrective actions, ignio finds out the root cause for a regularly occurring problem and proactively helps to resolve it.

With ignio’s state-of-the-art forecasting capability, enterprises can predict the upcoming business disruptions accurately and comfortably ahead of time. They can further leverage their ignio solution to realize additional benefits through prescription of a solution to the predicted problem which can then be prevented to ensure business continuity and added resilience to the operations.

Forecasting helps solve business problems, enabling you to achieve more for your enterprises. An able solution such as ignio can empower your enterprise to forecast issues with ease. ignio is a versatile tool that can adapt to all industry verticals and can achieve the desired results for enterprises. It comes with a lot of capabilities, both out-of-the-box (OOB) as well as custom capabilities. Additional capabilities can be added to it by enterprises to have a custom solution.

For more information on ignio, visit our website or reach out to us.

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