Showing posts with the label market evaluation

The Benefits of Big Data and Forecasting in Today's Economy

Forecasting is a prediction of some future event. It is used as a mechanism for strategic planning in most industries but is pronounced in marketing, economics, human resources and investing that rely on future predictions to determine the best courses of actions. Forecasting affords the ability to understand market risks as companies seek to stay ahead of changes and adjust their processes to meet market challenges. Forecasting can be simple or it can be complex. Typically methodologies use formulas and strict processes to ensure they are giving fair weight and evaluation to the necessary factors used in making that prediction. The process is so important that people have made their living simply off of analyzing information and making usable intelligence for others. Predictions are as much likely to be wrong as they are to be correct. The problem with predictions is that no one can truly know the exact possibility of the future or all of the outlier events that can change a cou