Reimagining Price Forecasting

Background

Despite a lot of market opportunities, a business unit of a large chemical player was unable to realize the anticipated increased revenue due to a variety of price forecasting challenges along the complex value chain of a large commodity product, globally.

Approach

We used our extensive large data repository– both established and alternative data sources – as well as the expertise of the business users to identify significant business indicators driving the commodity price. We applied advanced and tailored AI/ML algorithms on these business indicators to achieve higher levels of accuracy. We further worked with the business unit to implement our commodity price forecasting solution.

Impact

Our solution delivered higher levels of forecasting accuracy leading to confident commodity pricing decisions globally. This solution has resulted in an immediate impact of over 1 million Euros within the first 12 months.