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IBM Forecasting Functionality on the Planning Analytics Platform

Updated: Jun 10, 2024

In the business and corporate world, knowing what the future holds is essential


Author: Andrea Natali, June 2024

 

. IBM Planning Analytics, based on TM1, is a tool that helps companies manage performance and business decisions. Designed for collaborative solutions in budgeting, closing, and data analysis, it is also a tool for performing interactive "What-if" analysis and forecasting. In this article, we will explore how this forecasting functionality works and what advantages it offers.


What is IBM Planning Analytics?


IBM Planning Analytics is a platform that enables companies to plan, budget, and forecast. It uses business data to create models and scenarios that help better understand what might happen in the future. It is a powerful tool yet easy to use, thanks to its intuitive interface.



Credit image:: IBM


How Does Forecasting Work on IBM Planning Analytics?


  1. Historical Data Analysis: IBM Planning Analytics looks at the company's past data to understand trends and make accurate forecasts.

  2. Artificial Intelligence: The platform uses IBM Watson's artificial intelligence to further improve forecasts, making them even more precise.

  3. Ease of Use: Even those who are not tech-savvy can use the platform to create and modify forecasts thanks to a simple and intuitive interface.

Key Features


  1. Automatic Forecasts: The platform can create forecasts automatically, saving time and increasing accuracy.

  2. Scenarios and Simulations: Users can create various scenarios to see how different situations might impact future results.

  3. Collaboration: The platform allows multiple people to work together on forecasts, facilitating the sharing of information and ideas.

Benefits of Forecasting on IBM Planning Analytics


Accuracy

The use of advanced analytics and artificial intelligence makes forecasts more accurate than traditional methods.


Efficiency

Automating forecasts reduces the time needed for data preparation, allowing employees to focus on more strategic activities.


Flexibility

The platform is highly flexible and can be quickly adapted to the specific needs of the company.


Case Study

A success story is that of a manufacturing company that used IBM Planning Analytics to improve its production planning. Thanks to the platform, the company can plan the production demand for each individual product and component with a 97% accuracy rate, based on historical data and desired seasonality.


The forecasting functionality of IBM on the Planning Analytics Platform is therefore a powerful tool for companies looking to improve their planning capabilities. Thanks to the combination of advanced analytics, artificial intelligence, and a user-friendly interface, IBM Planning Analytics offers a complete and easy-to-use solution for business forecasting.

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