You must have the Select package or higher in order to use the functionality described in this section. Contact your administrator if you’re unsure which Customer Journey Analytics package you have.
Forecasting is an Analysis Workspace feature to forecast a standard or calculated metric with any supported time granularity (hourly, daily, weekly, monthly and yearly). Forecasting is available for time-series related data only.
You can leverage forecasting for:
- Planning: By analyzing trends and predicting future outcomes, you can identify potential opportunities and threats and adjust your strategies accordingly. This can help you to allocate resources more efficiently and effectively.
- Budgeting: By forecasting future revenue and expenses, you can ensure teams have adequate funds to cover their costs and invest in growth opportunities.
- Risk management: By anticipating future events and trends, you can take proactive steps to mitigate risks and minimize potential losses.
- Resource allocation: By predicting future demand, you can ensure the necessary resourcesa are available to meet customer needs and avoid stock-outs or overstocking.
- Performance evaluation: By comparing actual results to forecasted results, you can identify areas for improvement and make necessary adjustments.