Leading business performance forecasting solution releases new global data search engine, economic risk reports and updated interface
June 14, 2016 (SUNNYVALE, California) – Prevedere, a leader in business performance forecasting, today announced its latest product release enabling executives to more accurately anticipate future performance. The new release marries the intuitiveness of human intelligence with advanced predictive analytics in Prevedere’s business performance forecasting solution.
Notable new features include an advanced search engine and external data tagging system that organizes over 2.5 million global data series by category, geography, function and industry. Now with a single repository for analyzing internal performance data along with leading external business drivers, executives, analysts and data scientists have a library of data organized using human intelligence – making it intuitive and seamless. In addition, Prevedere’s new proprietary economic risk reports provide advanced signals of changing external conditions that will impact companies’ current forecasts and upcoming monthly targets. Overall, Prevedere added key functionality in this release to address the top challenges for global enterprise organizations struggling to gain actionable insights from data by using the power of cloud computing and predictive analytics combined with internal expertise.
With Prevedere, executives have the ability to quickly and easily absorb insights and answer specific questions about the future of their businesses. The new release includes four key updates to resolve the most common, yet unanswered, questions in leveraging both internal information and external economic data to create accurate forecasts, including:
- How do I marry internal data with external insights? Prevedere’s updated web-based interface leverages in-memory cloud computing to provide users a single view of both external and internal data at their fingertips. Using custom connectors to gather data from hundreds of global data sources, Prevedere combines this data with companies’ internal data from any current forecast and planning system. The visual interface features leading indicator charts and forecast models based on these combined data sets, as well as video and maps of global trends.
- How do I find the “right kind” of big data impacting my company’s performance? Prevedere created a user-friendly global data search engine to help customers quickly find the information they need from millions of available data sets. Users can explore by topic, geography and more by keyword tags for results in seconds. This functionality eliminates big data intimidation and saves time in determining the right kind of data, a feat that historically takes data scientists several weeks to complete. Combined with Prevedere’s existing correlation and pattern matching engine that quickly finds hidden relationship in minutes, enterprises can easily identify leading drivers across every line of business.
- Why did this happen? Delivering more descriptive data, Prevedere’s advanced analytics and machine learning capabilities identify seasonal trends and the impact of external events on business results. With this update, users have the ability to see the impact of each potential business driver and how it contributed to changes in performance in any area of their business. This functionality allows users to easily learn what happened to cause changes – for example, key holidays or spikes in oil prices, empowering executives to leverage this information in their decisions.
- What do I do with this data? Studies have shown that companies that have more fact-based insight and confidence in future performance make better decisions, becoming leaders in their industries. Prevedere’s new economic risk report provides a visual representation of what businesses should expect for the next several months based on the impact of key leading indicators. The predictive information provided is unique for each company, pinpointing areas of risk in order for companies to effectively prepare for the months ahead.
“Our latest product release makes business forecasting processes easier than ever before by allowing users to quickly filter through millions of macroeconomic data sets and then assess all of the information relevant to their business in one holistic view,” said Jason Kerns, chief technology officer, Prevedere. “This combination of predictive analytics and human intelligence is a first-of-its-kind solution, and we’re excited to help tackle one of the biggest challenges facing enterprises – the ability for executives to easily identify and interpret the right data to answer key performance questions.”
To learn more about Prevedere, visit prevedere.com.
A leader in business performance forecasting solutions, Prevedere is a predictive analytics software company that is changing the way businesses predict and prepare for future demand. With external factors such as energy prices, consumer spending and currency changes often at the root of missed forecasts, Prevedere empowers enterprises to easily integrate these influences into their existing forecasting processes. By tracking and managing thousands of global sources on economic, environmental and consumer behavior data, Prevedere’s correlation engine accurately determines which factors are true leading indicators for company revenues, profits and even individual products, nationally and locally. By augmenting internal data with external predictive analysis, Prevedere’s clients see an average 50 percent reduction in forecast error and reduce time to insights as much as 90%, resulting in smarter, more profitable decisions in an ever-changing economy.
Selected as a Gartner “Cool Vendor in Information Innovation” and named Innovation Enterprise’s FP&A Innovation Awards winner in Forecasting and Planning, Prevedere solves a critical void in business planning. To learn more, visit prevedere.com and follow @Prevedere on Twitter.