One of the well-known trends in computer technology is a technique labelled, Time Series Forecasting, hereafter TSF.
The notion behind it is very simple. Tons of data are generated every day. Organizations and countries are interested in making use of these data and the immense value they carry, which in turn can support them to stay competitive, gain more market share and/or come up with new ideas and innovations that shall meet the constantly changing customer tastes and preferences.
For example such a technology can be used to estimate the supply and demand figures in countries or for particular products/services. Purchasing patterns, consumer behaviors, their digital interaction with websites all generate precious data that can be used to tailor marketing activities, advertisement campaigns or products.
Another area of application for TSF is the sales and revenues estimation, which in fact is a crucial planning factor for organizations, especially as other critical decisions depend on. Knowing in advance what your sales and revenue figures will probably look like, can for example encourage decision makers to grasp new investment opportunities, or think about satisfying shortages through collaborations with other organization, share resources and make use of synergy effects.
A further example is the utility consumption. Through this technology cities can trace electricity breakdowns for instance, and know exactly where, when and how such incidents happen; and thus can build systems that regulate and maintain a good electricity quality.
A third example turns spotlights on the production domain, where organizations can monitor production data and forecast production needs, bottlenecks and so on.
ITWORX developed a software module that does exactly this. The ITWORX time series forecasting module is cloud ready and can be easily integrated with ITWORX’ product, ON-Track (http://www.on-track.me/) or any other Business Intelligence solution. The solution only needs historical data of dates and relevant values, and is easy to operate without any prior technical knowledge.