People have always been intrigued by what the future holds. Seers use crystal balls and tarot cards, but business managers such as yourself need a tool that’s based purely on science. If you’re an Office 365 subscriber, you now have Power BI’s predictive forecasting at your disposal.
Predictive forecasting uses a variety of statistical techniques, such as modeling and data mining, to analyze current and historical facts to make predictions about the future.
The predictive forecasting function of Office 365 provides users with the skills to generate reports, interactive charts, and 3D visualizations of business performance.
Its built-in predictive forecasting models can automatically detect seasonality in the data, though users can override this by applying a non-seasonal algorithm if they so desire. It also enables users to see how results are affected by adjusting the parameters of the time or confidence interval assigned to be analyzed. Simply put, users can perform advanced forecasting without the complexity that usually accompanies these kinds of processes.
Power BI’s predictive forecasting can also help fill in gaps with data. Power View, an interactive data exploration and presentation tool, fills in missing values from a data set before carrying out a forecast for a more accurate result.
Predictive forecasting, if used properly, can immensely help with the overall strategic planning, market penetration, and operation of your business.
Looking to learn more about Office 365 and its features? Call us today for a chat.
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