Sound and proactive decision making has never been more important, as Arthur Kordon of The Dow Chemical Co. explains through his experience with the global financial crisis. Business analytics allows for such forward thinking through its ability to translate data – regardless of its source – into predictive insight. At the heart of this approach lies an analytical perspective that reveals, among other things, logical paths to pursue for wise decision making.
How much inventory will we need to stock; what customers need attention; what innovation can my organization develop to meet tomorrow’s demand? Those are the types of questions business analytics, more specifically forecasting analytical models, can answer.
Mike Gilliland, SAS Product Marketing Manager for Forecasting, shares a few recommendations that acknowledge the practice’s level of accuracy, including:
- Realize that you probably aren’t going to be able to forecast as accurately as you or your organization’s management want, and strive to understand what accuracy is reasonable to expect.
- Don’t waste resources pursuing unachievable levels of accuracy.
- Don’t do the stupid stuff (practices that are just making the forecast worse).
“Arthur Kordon of The Dow Chemical Co. outlines a creative approach to forecasting during the global financial crisis,” Gilliland said. Read about Kordon’s experience and out-of-the-box thinking following the biggest recession since the Great Depression.
Get the full story: When an Economic Hurricane Hits Without Warning