Data Management Resources
- To learn more about MicroStrategy Business Forecasting and Predictive Analytics and see a list of advanced algorithms and features used for analysis.
- Find out more about the features and benefits of MicroStrategy Data Mining Services.
Business Forecasting
Business forecasting is a process used to estimate or predict future patterns using business data. Some examples of business forecasting include estimating quarterly sales, product demand, customer lifetime value and churn potential, inventory and supply-chain reorder timing, workforce attrition, website traffic, and predicting exposure to fraud and risk. Several powerful estimation functions are commonly used to perform business forecasting: time series analysis, causal models, and regression analysis. Business forecasting supports executives, analysts and end users in decision-making using decision support systems such as business intelligence.
Business Forecasting and Data Mining
Business forecasting can be completed using a process called data mining. The data mining process uses predictive models based on existing and historical data to project potential outcomes of business activities and transactions.
The ultimate goal of data mining is to find hidden predictive information in large amounts of data. The data mining process involves using existing information to gain new insights into business activities by applying predictive models, using analysis techniques such as regression, classification, clustering, and association. Data mining helps organizations leverage data warehouses to forecast future business outcomes.
MicroStrategy Data Mining
MicroStrategy has developed a unique and valuable approach to business forecasting. Data Mining Services enables users to perform estimations using their everyday MicroStrategy reports by abstracting the user from highly specialized statistical formulations. Data Mining Services sifts through volumes of historical data to find the “needle in the haystack”: hidden patterns and key business drivers.
Added Value through Business Forecasting
Business forecasting adds further value by analyzing the information discovered through data mining to estimate how it will impact business in the future. These predictions enable decision makers with access to powerful business forecasts to make highly informed proactive decisions.