How Performance Forecasts and Predictive Analytics can Support Business Growth and Operations Management

How Performance Forecasts and Predictive Analytics can Support Business Growth and Operations Management

By William Sebunje. February 2024. Certified Financial Modelling & Analysis, Market Analytics, Business Analytics, Six Sigma, Affiliate & Partnership Industry Associate, CIIF, Cloud computing, Data Science.

William’s focus is to support projects, business, Investors, companies, Teams and Individuals achieve sustainability through forecasts and predictive analytics. [email protected] +256700191371 for engagements

Dedicated to

Managers, Lean and Agile Teams, Six Sigma Teams, Processes Managers, researchers, Business Improvement professionals, Planners, Risk Analysts , Hazardous & Safety Managers, Experts, Business Owners, Teams, and Consultants.

Introduction

Forecasting and predictive Analytics are tools of estimation that focuses on looking ahead of events by use of historical data or records. These tools are rich in estimating current trends and providing futuristic rates at which events will move on. There is an extensive use of mathematical, Financial and Statistical parameters to arrive to the desired estimates.? Further, data classification is key in performing forecasts and predictive Analytics.

Where Can Forecasts and Predictive Analytics be use

·???????? Financial Analysis and income predictions

·???????? Risk Analysis and estimation

·???????? Sales estimations

·???????? Waste and defects Quality Analysis

·???????? Process accuracy Estimations

·???????? Crime Estimates and Planning

·???????? Machine and equipment performance Estimation

·???????? Human resource Estimation planning

·???????? Safety and hazardous communication

·???????? Demand and Supply

·???????? ?Logistics Supply chain planning

·???????? Partnership and Issues Analysis

·???????? Input and output Estimations

·???????? Others

Advantages

Forecasts and predictive Analytics are of great advantage in many ways as listed below: -

1.?????? It improves operation Management by providing information on key action points

2.?????? It boosts effectiveness in decision making as it provides a picture of what is ahead

3.?????? It increases confidence in decision making, given the empirical backups provided

4.?????? It helps to reduce on waste and defects in production given the early time predictions at hand

5.?????? It promotes quality of service hence reduces on quality fluctuations as well as product performance

6.?????? Forecasts and Predictive analytics promote vision attainment, as it provides timely information on the future impediments

7.?????? It is always easy to estimate the sources of issues in operations and productions by us e of early time predictions

8.?????? It helps companies to foresee and foretell changes and hence implement change Management

9.?????? Sustainability is a product of understanding what goes around, hence forecast and predictive Analytics can shape reasoning of Sustainability Manager

10.?? Forecast and predictive analytics facilitate procurement planning and procurement processes

11.?? Effective Planning is always easy to engage in, given the estimations of the future needs

12.?? Strategic Management become masterly through forecasts and Predictive Analytics, it really becomes easy to estimate issues and lay instant winning strategies to overcome

13.?? Risk management is product of understanding and planning ahead, which is well facilitated by forecast and predictive analytics

14.?? Management drama and internal team conflicts are always easy to overcome through forecasts

15.?? Estimations of income and project performance level can easily be established establish, hence through forecasts we manage future issues

16.?? Monitoring and control systems are easy to implement through forecasts

17.?? It is easy to manage Partners and know when to engage, inform, monitor and satisfy who through forecasts.

18.?? Forecast and predictive analytics can Shape reasoning of teams, organization and can tame the happiness and madness of bosses

Conclusions

The value to be delivered to customers, the style of Management to be deployed on teams, and speed at which things should run can easily be well achieved by relying on accurate estimates, forecast and prediction of the likely outcome. ?We’re living in the dynamic world where situations they themselves have become dynamic, Seasons have become dynamics, issues have become dynamic, happiness has become dynamic, income has become dynamic and indeed even the thinking of man has to improve to dynamic approaches of forecast and predictive Analytics