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The art of prediction has always been a challenge for businesses, and statistics are a constant reminder of how difficult it can be. Only 1% of organizations achieve a 90% accuracy in 30-day forecasts. This highlights the challenge of accurate forecasting in an increasingly complex business environment.
Challenges in forecasting
Companies face a series of obstacles when it comes to forecasting future events. Information is often incomplete, making it difficult to create a comprehensive picture. Additionally, data may be disconnected and scattered across multiple systems, further complicating the creation of accurate forecasts. Internal processes are often unstructured and heavily reliant on repetitive manual tasks. This lack of structure and automation can result in unreliable forecasts.
Benefits of Machine Learning
Automation and machine learning have proven to be an effective solution for addressing these challenges in forecasting. Automated machine learning models enable reliable scenario analysis and forecasts with financial visibility.
Additionally, these models can be updated nearly in real-time with new data, ensuring that forecasts reflect the most current conditions.
Alteryx Machine Learning: Accessible for All
Alteryx Machine Learning stands out as a tool that democratizes machine learning. It's no longer necessary to be an expert in data science or programming to harness the power of this technology. Anyone can build machine learning models and conduct accurate scenario analysis using this fully guided platform without the need for coding. Forecast accuracy is essential for making sound business decisions. Lack of confidence in forecasts and the inability to create precise outlooks can be costly for organizations. Machine learning and automation offer an effective solution to address these challenges. Alteryx Machine Learning makes scenario analysis and forecasting accessible to everyone, regardless of their level of technical expertise. The ability to conduct reliable scenario analysis and obtain accurate forecasts gives businesses a competitive advantage by making decisions based on solid and up-to-date data. Alteryx's technology enables the forecasting process to be more efficient and reliable, resulting in improved business performance and greater profitability. Rights: Alteryx