A global data analytics and advisory firm, Quantzig, that delivers actionable analytics solutions to resolve complex business problems has announced the completion of their latest predWant to Know How You Can Forecast Consumer Demand Using Predictive Analytics? Quantzig’s Recent Success Story is the Answer!ictive analytics engagement for a consumer electronics manufacturer. During the course of this engagement, the predictive analytics experts at Quantzig adopted a comprehensive approach to tackle their challenges and identify the strengths and weaknesses of their forecast models.
For players in the consumer electronics manufacturing sector, inaccuracies in demand forecasts may lead to multiple cycles of underproduction and overproduction. Also, the huge sets of data that are easily available today pose several challenges to those who aren’t aware of the power of analytics in extracting insights from data. Therefore, it’s essential to build and integrate the latest predictive analytics techniques to better forecast consumer demand.
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The Business Problem: The client is a leading manufacturer of semiconductors and other tech components, headquartered in Canada. The inability to meet the strategic demands of its clients jeopardized the company’s position as a market leader, creating a 1 million-dollar business problem. Struggling to improve the accuracy of their demand forecasts the client approached Quantzig’s to leverage its predictive analytics expertise to amplify the predictive power of their predictive analytics model.
“To address new opportunities for improvement, businesses will have to build a consumer demand forecast model that incorporates the best data and predictive analytics techniques,” says a predictive analytics expert from Quantzig.
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The Solution Offered: The predictive analytics experts at Quantzig adopted a comprehensive three-step approach that revolved around conducting a detailed audit of their analytic processes. The predictive analytics solutions focused on helping the client improve their demand forecasting accuracy. As a result, the devised predictive analytics model outperformed the accuracy of the client’s previous model by over 80%.
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