Increase Accuracy in Demand Forecasting with Artificial Intelligence

November 2019 by KuppingerCole Analysts

One major advantage of Artificial Intelligence is that it can help companies reduce errors when dealing with large amounts of data and thereby increase precision and accuracy. Accuracy is one of the central requirements of demand forecasts which companies use to make assumptions over future revenues, profit margins, cash flow and risk assessment. Hence, the more accurate the demand forecast is, the better a company can prepare for the future.

In this edition of the Analysts’ View, Lead Analyst Alexei Balaganski looks at how AI can be used to make demand forecasts more accurate and where its challenges and limitations lie. Annie Bailey discusses Hype vs. Reality in AI & ML and shows various AI implementation examples, which can lead to concrete business benefits. At next week’s AImpact Summit in Munich, KuppingerCole Analysts and leading AI experts will examine privacy and ethical challenges surrounding the deployment of data analytics and AI.

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BLOG POST

Increase Accuracy in Demand Forecasting with Artificial Intelligence
Alexei Balaganski | Lead Analyst

"Demand forecasting is one of the most crucial factors that determine the success of every business, online or offline, retail or wholesale. Being able to predict future customer behavior is essential for optimal purchase planning, supply chain management, reducing potential risks and improving profit margins. In some form, demand prediction has existed since the dawn of civilization, just as long as commerce itself."

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COMPLIMENTARY LEADERSHIP BRIEF

Hype vs. Reality in AI & ML: Where are the Concrete Business Benefits?
Annie Bailey | Analyst

KEYNOTE RECORDING

AI Already Revolutionizes the Way We Do Cybersecurity & IAM
Martin Kuppinger | Principal Analyst

CONFERENCE

AImpact Summit 2019
Nov 27 - 28, 2019, in Munich, Germany

Explore & discuss the growing impact of AI, join us in Munich! Take a look at the agenda and see what the conference has to offer!

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KuppingerCole Analysts AG, founded in 2004, is an international and independent Analyst organization headquartered in Europe. The company specializes in offering neutral advice, expertise, thought leadership and practical relevance in Information Security, Identity & Access Management (IAM), Governance (IAG), Risk Management & Compliance (GRC) as well as all areas concerning the Digital Transformation. KuppingerCole supports companies, corporate users, integrators and software manufacturers in meeting both tactical and strategic challenges. Maintaining a balance between immediate implementation and long-term viability is at the heart of KuppingerCole’s philosophy.

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