Forecasting, a strategic ally for business
Predicting future events is strategic in a world that rapidly changes, and forecasting tools are essential to make useful information available to companies in their decision-making processes. Forecasting is crucial for a business that wants to grow. The effectiveness of the plans and strategies defined in the future depends on the goodness of forecasting, determining the achievement of the expected results.
But the world moves very fast, and organizations respond to rapid changes in the marketplace. Future performance is determined not only by the past but also by the behavior of external variables that can influence the 'company' system and be responsible for explaining its changes.
BEAM Mantis, a solution developed by Bridge Consulting | Kirey Group in the Cloud and Big Data space based on forecasting experience in the large-scale retail and manufacturing sectors, plays an important role in this field.
It is an integrated cloud native system based on generic algorithms and enables the parallel forecasting of thousands of time series, which can be organized at the level of categories and hierarchies. The forecast is decomposed by the system into separate constituent elements: seasonal trends, impact of external explanatory elements, and automatically validated on historical data.
The 2022 Gartner® Market Guide for Retail Forecasting, Allocation and Replenishment Solutions
BEAM Mantis was mentioned in the 2022 Gartner® Market Guide for Retail Forecasting, Allocation and Replenishment Solutions along with other Representative Vendors. We believe that Gartner recognized BEAM because of the uniqueness of this solution and its unique features, that make it able to manage different variables as accurately as possible. This features were crucial, for example, for all the retail customers during the pandemic. BEAM can give the forecasting market maturity and recognition that are now developing, attributing extreme accuracy to the forecasting data, confirming that Kirey Group is an important entity capable of continuous experimentation and innovation in the cloud.
We believe Gartner has recognized in BEAM Mantis some of the key functionalities, such as the forecasting component that, when referred to retail, allows, for example, data-driven planning derived from timely demand forecasting.
How BEAM Mantis manages internal and external variables
Relevant features of the system include the use of variables from internal or external sources, which allows the impact on the series to be estimated and correcting forecasts with the newly acquired information. BEAM Mantis's mechanism for handling external explicative variables makes it possible to automatically consider phenomena occurring externally. An attempt is made to determine how much a variable is likely to vary a prediction. The advantage of an automated product is that it does not make a trivial reasoning about the past, but a statistical evaluation on a broad past, going on to purge it of those elements that are to be considered "spurious."
A central system to get a single, consistent and refined forecast
Moreover, it is enterprise-grade: installed on servers in the cloud, the full potential of which it exploits, BEAM Mantis is easily integrated with enterprise systems, enabling automatic feeding of time series and reacquisition in the usual applications of forecast results. The idea is for BEAM Mantis to become a central system in the forecasting process, devoted to the forecasting process, specializing in considering various types of variables for the benefit of the entire company: a single, dedicated and refined forecast.
The reason why forecasting is a developing market, with a lot of manual activities, is to be found in the lack of integration with business systems and processes and in the presence of a pulverization of non-dedicated tools. Using automated tools becomes, therefore, critical so that forecasting is done quickly, and a forecasting methodology can be built to guide the business in forecasting its "history-future."
Although this award refers to retail, where automated forecasting systems are mostly to support demand prediction, BEAM Mantis can be applied to any business, especially in manufacturing industries. This is further recognition of the innovative capability of Kirey Group, which has already been named a Representative Vendor in the 2021 Gartner® Market Guide for Data and Analytics Governance Platforms.
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