- Solution overview
Chart your company's path to success with confidence
Adopt forecasting-as-a-service to make decisions at speed
The business world is complex. To properly plan for growth – and contingencies – enterprise leaders need reliable forecasting solutions. From quickly predicting cash flow metrics and supply and demand trends and updating your team on the latest sales figures, forecasting capabilities can give you a 360-degree view of your business. Powered by artificial intelligence (AI), advanced analytics, and machine learning, forecasting accuracy has reached a new level of precision.
The gold standard for forecasting is often hard to achieve. A combination of outdated information, systems, and processes makes it difficult to strategize and deliver long-term value for customers. And as market volatility increases and customer behaviors evolve, accurate forecasting becomes harder to deliver.
Technological advancements over the past decade have significantly improved forecasting. By relying on the power of data analytics and deep business acumen, companies can merge and analyze vast amounts of data at speed, producing data-driven insights and improving forecasting accuracy.
These technological advancements mean enterprise leaders no longer need to rely on historical patterns when planning. Instead, they can turn to new solutions. The type of solutions that generate forward-looking metrics that are precise and relevant. Thanks to AI and machine learning capabilities, the static approach that characterized forecasting in previous business cycles is now a thing of the past.
Genpact's forecasting-as-a-service solutions are at the crest of these developments. Our forecasting capabilities are applicable across business functions such as supply chain, workforce management, finance, and operations.
Here's a detailed look at what we offer:
Workforce planning to control personnel costs and boost customer satisfaction. This feature is highly responsive to changing service requirements and quickly mitigates staff shortages or other personnel issues, including work-from-home challenges.
Financial forecasting for cash flow that uses AI and machine learning to enable forecasts in real time, support short-term working capital needs, and boost longer-term business resilience. It also helps enterprises accurately predict price variances based on demand, calculate capital requirements that impact production planning and equipment delivery, and gain complete visibility into the cash conversion cycle.
Inventory planning to reduce costs and improve asset use. This feature calculates any potential fallout from temporary closures of manufacturing and assembly facilities. The system also predicts the impact of short-term material shortages.
Sales, revenue, and demand forecasting that correctly interpret the demand signals of SKUs from different regions, helping enterprises manage fulfillment orders.
Integrated visualization that pulls cross-functional data and insights to present each employee with a customized view of relevant sales metrics, revenue figures, and customer satisfaction scores.
Our approach relies on four core principles:
1. Quantitative and qualitative data
We assess non-traditional indicators such as industry averages, government policies, and social media commentaries, along with internal sales, marketing, and inventory information. We then integrate this information with commercial data repositories to deliver faster insights.
2. Statistical analysis
Our pre-built accelerators, powered by Genpact Cora, exploit the latest developments in time series analysis, AI, and machine learning. Additionally, we track the latest thought leadership from academia and forecasting competitions to bring you the latest technological advancements.
3. Human and machine intuition
We convert business intuition into an analytical framework:
4. Efficient processes
Our forecasting-as-a-service comprehensive approach speeds up decision-making by streamlining processes. Our team of data scientists, engineers, and subject-matter experts carefully assess each process to deliver tailored solutions.
What's more, newly standardized processes heighten efficiencies, so firms make more precise use of their assets, reduce logistics and operating costs, and conduct collections more effectively.
Equipped with these capabilities, teams can make accurate decisions at speed to grow the business, build resilience, and maximize value for customers and all stakeholders.
But don't take our word for it. Companies using our solutions improved forecasting accuracy by up to 80%, reduced inventory excesses by up to 63%, and enhanced manufacturing efficiency by up to 15%.
Whether you're looking days, weeks, or months ahead, we have some of the most advanced forecasting solutions – so you can confidently steer your business into the future, even during turbulent times.
Challenge: A global manufacturer lacked visibility into its supply chain while new product introductions failed 50% of the time. These challenges trickled down to other departments, such as sales and marketing, resulting in high operational costs.
Solution: We implemented a whole stack of advanced analytics to solve these pain points, enabling accurate forecasts, supply-network planning, and inventory management.
Result: Forecasting accuracy for new products improved by 65% and could be generated 30% faster. With crystal-clear visibility into the supply chain, the firm reduced planning time by 40% and inventory levels by 15%.
Challenge: A global pharmaceutical company struggled to accurately predict cash flow operations, resulting in disparate metrics and frustration over missed opportunities.
Solution: We jumped into action and tested several modeling techniques. When we identified the best solution, we deployed a suite of forward-looking predictive analytics that improved forecasting accuracy and increased productivity.
Result: Cash flow forecasting became objective, removing bottlenecks from manual, subjective workflows. With our help, the finance team allocated resources effectively, accounting for seasonal trends and other market fluctuations.
We're a complete one-stop shop for all data-driven forecasting services. Our multidimensional teams bring insights from our extensive experience working with Fortune 500 companies across industries and sectors. Through advanced analytics and digital innovation, we help enterprise leaders drive maximum business value.