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Most manufacturing companies take a backseat when harnessing macroeconomic insights to strategize a forward-looking view into their business. “We precisely help such manufacturing companies provide better insights into the future direction of their business in the markets in which they participate,” says Rich Fitchen, CRO at Prevedere. By finding the best correlations between the company’s business performances amid the ponderance of external data, Prevedere helps manufacturing companies drive more value into their innovation journey, and at the same time, reduce costs, particularly related to inventory and working capital, reduce risk of market turns (up or down), all while providing better guidance to investors on the business outlook for the company.
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Prevedere plans on bringing in the aspects of ‘visual representation of data’ into their solution to help clients better interpret the insights
To accomplish this feat, Prevedere deploys its proprietary artificial intelligence (AI) based predictive analytics engine. “This engine has over 2.5 million data sets staged in it, which forms the base of the analytical processes we conduct,” says Nicole E. Flynn, Senior Director of Marketing at Prevedere. These vetted and categorized data sets include economic trends, consumer behavior, online metrics, and physical world data from various data sources across industries and geographies around the globe. “We keep our data repository continuously updated, helping our clients stay relevant to the ongoing market trends and environmental factors,” mentions Flynn.
Prior to deploying this engine, companies need to collect relevant internal data (usually sales revenue or volume data) from their business systems, cleaning it, and organizing it to how they want to analyze their market segments. The data sets are then run through the Prevedere AI-engine to look for a correlation between this newly-organized data and Prevedere’s data sets.
Citing one of the recent real-life applications of Prevedere, Fitchen explains how a leading steel manufacturer approached them to find an objective approach to forecasting to complement their internal, sales-driven forecasts. By deploying the Prevedere AI engine, the company was able to gain deeper insights into the drivers of demand for their business and was able to identify “market turns” before their internal forecasts. Now, the company incorporates the insights from Prevedere into its monthly operations planning process, as well as strategic planning, which includes capital investments and other large-scale company decisions.
Displaying such efficiency, Prevedere has not only widened its clientele but also established some meaningful partnerships along the way, including Microsoft and Neilsen. Marching into a brighter future, Prevedere plans on bringing in the aspects of ‘visual representation of data’ into their solution to help clients better interpret the insights. In addition, the company also wants to continue investing in its ML and predictive analytics engine and increase the robustness of the offering. “With these competencies, we intend to help our customers succeed by delivering stronger, more predictable business results,” concludes Fitchen.
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Company
Prevedere
Management
Rich Fitchen, CRO and Nicole E. Flynn,Senior Director of Marketing
Description
As an industry insights and predictive analytics company, Prevedere is helping business leaders make better decisions by providing a real-time view of their company’s future. Prevedere’s external real-time insights engine constantly monitors the world’s activity, identifying future threats or opportunities to business performance. Along with a team of industry experts, data scientists, and economists, Prevedere helps business leaders make the right decisions in an ever-changing world by providing real-time external insights into the market, industry, and customers they deal with
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Milwaukee Tool Among Prevedere Customers That Benefit from Gen AI Expansion
"Our customers have already recognized the benefits of leveraging the new innovative Gen-AI solution," said Rich Wagner, CEO of Prevedere. "Since our initial rollout of AI features in 2023, we have been recognized as a leading forecasting and planning platform for leveraging Gen-AI to streamline our user experiences and enhance the forecasting and planning process."
Prevedere's Generative AI Copilot empowers executives, analysts, and functional teams with immediate, expert-level context on external drivers influencing their ongoing actual and predicted future performance.
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The new features have already delivered tangible benefits for Prevedere's customers. Brad Sayers, Vice President of Demand Planning at Milwaukee Tool, noted that the new Gen AI feature surpassed all his expectations for Gen AI within a forecasting and planning platform, and sees the ways it will benefit the company's needs for planning within a large enterprise organization.
Unrivaled Capabilities with Generative AI
The new Generative AI Copilot stands out with its unique features, empowering executives, analysts, and functional teams with immediate, expert-level context on external drivers influencing their predictive models. This sophisticated AI tool:
• Informs users about which external drivers to consider in their predictive modeling.
• Clearly explains predictive models with the expertise of an economist and data scientist.
• Relates customer outcomes to current and future macroeconomic conditions by market.
Enhanced Features Across Key Modules
Prevedere now leverages Generative AI across its Search, Discover, and Predict modules, delivering unparalleled insights and enhancing user experience:
• Search Module: Users can uncover relevant external drivers quickly and efficiently, guided by the AI's expertise.
• Discover Module: Business users gain comprehensive context on how historical and future events impact their specific indicators, significantly speeding up decision-making.
• Predict Module: The AI explains complex predictive models, making sophisticated econometric analysis accessible to all users.
Customer-Centric Development
Developed closely with industry leaders, Prevedere's new functionality addresses the growing need for fast, accurate, and actionable intelligence. According to a recent survey, 72% of CEOs consider generative AI a top investment priority. Prevedere responds to this demand by integrating advanced AI capabilities that enhance predictive planning and create significant user value.
Executive Commitment to Innovation
Since the inception of its predictive capabilities, Prevedere has been instrumental in enabling business leaders to make informed decisions, mitigate risks, and identify new market opportunities. The introduction of the Generative AI Copilot marks a significant leap forward in forecasting technology, providing users with the expert guidance necessary to navigate complex economic landscapes.
Availability
The new Generative AI Copilot is now available to customers using Prevedere's Predictive Planning platform and will be rolled out across other products later this year.