From Statistics to Advanced AI

Background

Finance & Accounting team of the European unit of a large chemical player has been using basic statistical forecasting methods to predict their raw material prices. Even though, these raw materials are vital for their business; the lower accuracy and explain ability than the desired levels prevented them from taking timely confident business decisions.

Approach

Forecasty.AI’s AI/ML approach has improved the accuracy of their forecasts significantly for their vital raw material prices.

Impact

Forecasty.AI solution has helped them to be more confident in their business decisions and help them gain crucial insights into the dynamics of their business. Also, it allowed them to enhance their approach above the average statistical methodology and to learn more about data-driven decision making using advanced analytical methods. They are currently looking forward to progressing further as the solution expands with the inclusion of more raw materials.