The planning process for business growth and financial stability now includes data forecasting as a crucial step. The specific sectors that employ data prediction include finance, supply chain, procurement, and operations, and more industries are joining the league.
Using Artificial Intelligence (AI) technology, you can provide the previous data used for forecasting additional strength. These days, many applications use machine learning and AI to predict data.
We will examine the definition, categories, and use cases for data prediction before learning about the best AI-based business forecasting solutions.
What Is Business Forecasting?
Using various tools and strategies, business forecasting entails speculating on future trends in many business-related areas, such as sales, costs, and profits. When developing smart plans, these predictions are useful.
Businesses can pinpoint the issues during any organizational inquiry by predicting. This procedure employs several quantitative or qualitative models to assess the gathered historical data.
Following the analysis, the businesses receive projections they can utilize for user experience, marketing, demand forecasting, and financial operations. The forecasted data and actual results are different. You can increase the precision of future predictions by using the deviation.
You may monitor the outcomes of machine learning experiments using the experiment management tool Neptune. ML researchers and engineers can work more efficiently using its one dashboard for less context switching.
Companies may share the dashboards, logs, and outcomes of AI forecasting with colleagues using a simple link rather than scheduling pointless meetings. You can discover any data from the dashboard because it was created using an ML model.
You may compare your models and troubleshoot them on the same platform. You have control over the procedure when creating models and testing them. Businesses can discover the original dataset and the model’s parameters.
Additionally, Neptune stores all ML metadata, such as charts and metrics, in a single location. It supports integration with more than 30 well-known IDE and machine learning libraries. As a result, organizations make the most of the apps they frequently utilize.
2. Obviously AI
Artificial intelligence is a no-code platform that can forecast revenue and business results.
Business forecasting data can change a company’s supply chain and develop customized marketing plans.
If your team uses AI, they won’t need to spend months creating AI models or learning how to code. This application is easily integrable with your preferred data sources, such as CSV files, Google Drive, Salesforce, Dropbox, Evernote, Hubspot, and Evernote.
Obviously AI will generate forecasts utilizing AI technology as you select the prediction category. Your data is completely safe with almost uncrackable AES-256 encryption. What-if analyses are another tool you may use to analyze the affecting factors and provide predictions.
Two forms of AI forecasting are feasible on this platform. The first is AutoML, which makes it simple to create AI models using historical data for in-the-moment data predictions. The second method is Time Series, which makes time-bound forecasts about significant business events up to a given date using the least amount of data possible.
Even if your data is incompatible with machine learning technology, you may still alter it and convert it to a format supported by machine learning by using the Data Dialog function.
Companies might release the data forecasting model to the public or the entire team after producing it. Real-time business forecasting from your app is also possible with the Low-code API.
3. H2O AI Cloud
For companies looking to develop AI models and apps, H2O AI Cloud is a great option. Rapid AI model building is now possible on and off the cloud, thanks to this end-to-end platform.
It has an extensive autoML feature that guarantees speedy, transparent, and accurate data prediction. Using the platform’s predictive outcomes, you can generate fresh company concepts to address pressing business problems.
Businesses can use it in any setting and profit from the ability to use various modelling techniques for various types of data. You may create powerful models and complete various other activities throughout the lifecycle using autoML.
You can do data drift detection in real-time with the assistance of H2O AI Cloud, which offers a special blend of proprietary and open-source algorithms. The program ensures that you receive the best CPU and GPU performance and gives you real-time business predictions.
Using its ML Interpret-ability toolbox, you can perform time series analysis for business forecasting. Additionally, the technology leverages distributed Machine Learning for petabytes.
DataRobot employs augmented intelligence technologies to revolutionize various sectors with intelligence. It uses machine learning models that need less programming to produce real-time forecasts.
Businesses may enable data-driven and effective decision-making using the tool’s various AI features. It is possible to connect AI with your business culture to get accurate data forecasts.
You can specify rules, policies, and controls for production models using this platform. Additionally, you may create, use, and maintain accurate projections for your business using its automated time series. This sophisticated business forecasting methodology strengthens resilience and lowers uncertainty when making large-scale predictions.
Futrli is here to help you if you need quick business forecasts on business trends, revenue, sales, tax, operations, and employees. You can prepare for future growth, future cash flow, and operations policy with the aid of precise predictions. The tool primarily serves the requirements of large international accounting firms and accounting companies.
Futrli Predict examines each business transaction your firm makes to produce a reliable forecast. Freestyle forecasts, unit forecasts, and repeating forecasts are the three supported forms of predictions. This application’s prediction assistant can explain each forecast.
The tool also generates scenarios that explain what will happen and what won’t. As a result, you may continue to be ready for both good and bad situations in your company. This baseline forecast will be produced every day using the most recent data.
For more complex forecasts, such as payrolls, Futrli now enables hot-linking Google Sheets templates with Futrli Predict. Additionally, you can input your data and flip off the tool prediction anytime.
Additionally, the solution offers direct interaction with Quickbooks and Xero. Futrli will import data from these apps once it has been integrated every 24 hours.
Pecan generates data for predictive analytics for operations and sales teams. As a result, businesses can find answers to their operational issues. Businesses can increase sales and revenue using BI-friendly data while providing their customers with an enhanced user experience.
This platform helps you create future-ready strategies on important KPIs in your sector, from resource and production planning to distribution and packaging, from client acquisition to retention.
You won’t need to hire more data scientists using Pecan for business forecasting. To create advanced predictive models driven by AI, your current team of analysts can make the most of this platform’s automated operations. This solution also reduces the upfront costs associated with data scientists constructing code models.
Pecan makes the best use of the data, whether it’s to find unexpected opportunities or get through obstacles presented by changing circumstances. Because of effective AI forecasting, you will see a noticeable increase in your KPIs simply within two weeks.
Dataiku is available to assist you in making data-driven and AI-powered decisions whether you are a member of a technical community that relies heavily on code or a low- or no-code company. Data cleansing doesn’t need to be done manually because this technology can examine the data more rapidly and effectively and recommend important modifications.
It enables 109 different forms of data transformation, such as the aggregation of time series, the transformation of geospatial data, aggregation across different sources, etc. You can schedule calculations after creating a data pipeline in SQL. With just a few clicks, you may access the required data thanks to its interactive GUI.
Teams may build sophisticated data models with various techniques and parameters using Dataiku AutoML. In addition to supporting the main ML engines Python, H2O, Spark, and TensorFlow, Dataiku has 32 core algorithms.
Using the business forecasting platform, you can study the visual models and comprehend important information like stats, errors, and insights. As a result, you will understand the reasoning behind each prediction and adjust your plan as necessary.
Companies can create and visualize several types of analyses on Dataiku. Principal component analysis, univariate, bivariate, correlations analysis, and statistical tests are a few.
8. Qlik Sense
People of every skill or knowledge level can make informed decisions thanks to the dynamic analytics provided by Qlik Sense for enterprises. It provides you with a more extensive and best-in-class data analytics experience.
With lightning-fast calculations, contextual forecasts, and an interactive user interface, this business forecasting tool goes beyond generic dashboards and query-based analytics.
Qlik provides AI-driven augmented analytics that humans may use to enhance human-centric analysis, as seen in the YouTube video below. These days, its capabilities, including AI-generated insights, natural language interaction, and AutoML forecasts, let you make smarter business decisions while concentrating on your company.
This tool expands the data model’s scope and offers readily available interactive forecasts. Its Insight Advisor function guides you through the steps of gathering data and producing analytics while producing sophisticated insights automatically.
AutoML automatically creates models through a code-free procedure and evaluates what-if scenarios to produce projections. Additionally, you can publish the data on various cloud platforms, such as Qlik Sense.
Every company must work hard to stay in the race as the corporate world becomes more and more competitive.
Business forecasting is a strategy that gives organizations a competitive edge. AI forecasting streamlines the procedure and reduces manual labor.
In this post, we covered some of the top AI-powered data prediction tools that can be used for forecasting by companies of all sizes.
With these solutions, you can comprehend future scenarios created using pertinent historical data.