Time Series Forecasting Tool: Boost Your Business With Deeper Insights

By Author: james jacob
Total Articles: 1
Comment this article

In the traditional era organizations were in a race to hire the best business development and risk analysts. So that they can make a difference through experts feedback and learn through their experiences. But the current revolution of computer science has revamped everything from business development to risk mitigation.

The cutting edge technology has changed business development by lessening investment and maximizing profitability as well as productivity. Wondering? how technology upgraded businesses. The data generated in the process is being collected and converted into insights. Well, data time series forecasting tools like Odyx yHat have committed to how organizations think and make decisions.

Data Forecasting: What Does it Imply?

Forecasting is a technique or strategy that involves comparing past and present events to draw future instances. This statistical technique is used when you have time-released data and you want to infer next-hour parameters like prices, supply/demand, weather conditions, etc., and their values.

The hammer out of forecasting– projections are usually used when a company ...
... wants to predict their next month's sales based on how much budget they will have to put into Google advertisements. So, it helps stakeholders in better decision-making.

Time Series Forecasting For Business Outcomes

In traditional mathematics and computer science, time series is merely a sequence of numbers or data points in time order. It could have different trends based on data aligned with secular trends, seasonal trends, cyclical variations, or irregular fluctuations.

Now, the forecasting techniques are applied to time series data to forecast future insight and act decisively. Time series forecasting helps businesses to build valuable intuition with data and increase the possibility of organizational success and hence return on investment.

To do that, the time series forecasting tool Odyx yHat is the best choice because it enables stakeholders to use their data and tweak business success from $1 million in sales to $100 million. These time series forecasting tools help companies in the following ways:

Learn through your business data and act decisively.
Get in-depth insights for deeper insights.
Enhance business ROI.
Learn from past mistakes and act wisely.
Time Series Forecasting Tool that Boosts Business by Automating Data

The time series forecasting tool like Odyx yHat is usually used to design an adaptive data strategy– a complete roadmap from data resourcing, transforming, and visualization. It automates data because there is a complex process involved, where business data is cleaned and transformed into BI dashboards, stored into a database in refined form, and converted into a machine learning model.

It boosts business by converting raw data into information that helps executives to make decisions more accurately than before. The data can be automated in multiple ways but the time series forecasting tool enables stakeholders in the following ways:

Data warehouse automation: The raw data from the company source is transformed into a data warehouse (with the assistance of ETL pipelines) where automation techniques are applied to fetch, process, and store data. Then it's pushed into self-servicing data analytics tools (Odyx yHat) that analyze and forecast data automatically. Then insights can be exported as data points or visualizations to draw the inner story of data.
Data analytics automation: The time series forecasting tool Odyx yHat is designed to facilitate companies by analyzing data without any human power involvement. Hence, decision makers don’t need to onboard technical staff to operate and play with it.
Odyx yHat as Your Data Tool

Self service time series analytics tool designed to solve executives problems with the help of data available in data reservoirs. It’s designed to forecast unpredictable instances or scenarios (Market volatility prediction, Power load forecasting, etc) in real-time.

It will aid businesses with data strategy, data modeling, data forecasting, data analysis, and data visualization. Odyx yHat will reduce the time to explore massive datasets, thoroughly create a data strategy or plan, provide better performance on high-dimensional data, and enhance business scalability. In addition, this time series forecasting tool will facilitate owners of multiple companies to get their data refined for upcoming challenges.

Industries where Odyx yHat Forecast Data

There are multiple companies where data science and machine learning can make a difference. So from designing data strategy to deploying machine learning model analytics tools called Odyx yHat reimagined the way owners think and make decisions. Here, we have some industries that can take an opportunity and become part of digital transformation.

Manufacturing: The forecasting of defects in the production line reduces the production of defective products and increases revenue in return. Consequently, easier operations to enhance production.
Power & Energy: Load forecasting and grid maintenance through data analytics.
Agriculture: Weather forecasting, risk analytics, and production estimations.
Soft Commodities: Market volatility prediction of soft commodities.
Oil & Gas: Enhance oil and gas extraction, drilling, and supply chain processes from upstream to downstream.
Retail: Customer retention, product scalability, and conversion analytics.
Conclusion

Time series forecasting tool helps to bypass data complexity and enable owners to make more accurate conclusions than before. It assists to get in-depth insights for deeper insights and enhancing ROI. Further, Odyx yHat helps in multiple industries including manufacturing, power and energy, agriculture, soft commodities, oil gas, and retail.

Frequently Asked Questions
What are time series and forecasting?

Time series is a math term that implies a sequence of values in a series reference with time. Besides, the forecast is a method of predicting the future by comparing past and present events.

Why do you need forecasting tools?

In forecasting, historical data is used to predict upcoming events. It is difficult to analyze data manually because hiring researchers who can analyze data deeply and make predictions requires a lot of investment. It is therefore easier for business owners to analyze their data with forecasting tools like Odyx yHat because it costs less.

What is the best time series forecasting tool?

The most valuable tool or piece of software in the digital world is one that helps someone achieve success. Odyx AI forecasts time series data and offers actionable insights in records using advanced AI ML.