Jedox AIssisted™ Planning is an augmented planning service including easy-to-use Wizards that enable anyone to create and automate smart predictions with a few clicks. The new Data Preparation Wizard, released with Jedox version 2020.4, ensures that data sets are more complete and consistent for more accurate predictions. Plus, now you can easily predict scenarios with various assumptions to make better informed decisions. Read more about the latest feature additions to AIssisted™ Planning based on real-life customer feedback in this second part of our Jedox 2020.4 release series.
New Data Preparation Wizard
Smart data cleansing for accurate predictions
By harnessing the power of AI, finance can increase the speed and quality of forecasting, develop new insights and recommendations for performance management, identify key business drivers, and help the business become more agile. However, accurate predictions with machine learning and AI are heavily dependent on the quality of the source data.
Incomplete or incorrect data will almost always lead to poor-quality prediction results, so before asking algorithms to work their magic, it is wise to ensure the quality of the data set. The Data Preparation Wizard does this in just a few steps.
To help in completing source data and make it more consistent, the wizard uses intelligent outlier and gap detection to find extreme data points, considering factors like seasonality and trends. It suggests better data for these extreme values as well as fills gaps and missing periods by employing interpolation. Additionally, it can expand and add data points to the beginning or end of data sets using advanced extrapolation.
Time Series Prediction Wizard
Augment your forecasts with intelligent predictions
The Time Series Prediction Wizard generates and automates intelligent predictions for any measure such as revenue forecast, product sales, or demand. Analyzing time series data, it applies several predictive and machine learning methods, detecting seasonality, trends, outliers, etc., and returns the best (most accurate) prediction. Results from the best method are displayed, with the training accuracy of each algorithm clearly shown. Users can manually choose the algorithm they want to use for continuous predictions going forward.
The Wizard guides you through a simple setup process; it then connects to AIssisted™ Planning engine, which is a high-performance cloud service to generate predictions. See the setup process in the video below and read how chemicals company Mitsui increased sales forecast accuracy using intelligent predictions.
Driver-Based Prediction Wizard
Create accurate forecasts with key value drivers
The Driver-Based Prediction Wizard guides users in a similar way to the above process, but unlike traditional time series forecasting that only takes one time series as an input, the Driver-Based Wizard utilizes multiple drivers. It allows users to identify key value drivers in their data models and then uses these drivers to produce accurate forecasts by applying state-of-the-art regression algorithms. Read how hotel chain Apex Hotels reduced the time spent on forecasting to a minimum while increasing accuracy.
New Features for AIssisted™ Planning Wizards
New scenarios, more options for previews & manual settings, and powerful automation
With the latest release, the AIssisted™ Planning Wizards have been updated with exciting new functionality and features based on extensive use case studies and customer feedback.
- Multiple Scenarios option: Now different prediction properties (assumptions) can be applied to the same cube in a database using this feature. Save and edit as many scenarios for database cubes as your planning needs require.
- Training accuracy preview: When using the Best option for your prediction method selection, there is an option to create an accuracy cube. When checked, the preview report now includes the training accuracy for each algorithm and highlights the most accurate and the one whose predictions were used.
- Preview source data: This feature allows you to view your source data before going through the prediction process. Complete and accurate source data leads to better prediction results.
- Scheduler automation: With Scheduler automation you now have the option to always choose the last finished month as the end of the input range instead of using a fixed range. With this feature, you can fully automize the AI prediction process for your monthly planning.
- Manual Settings report: This report allows users to make changes to prediction setups and scenarios without entering the Wizard themselves. Designed to save time, this feature is more advanced and requires knowledge of the Wizards before being useful.
The AIssisted™ Planning service is embedded in the Jedox Enterprise Performance Management platform, and the Wizards are available in the AIssisted™ Planning Model on Jedox Marketplace. Experience a demo of the latest release and click “Launch Test Drive”. To start forecasting and scenario analysis with the Jedox AIssisted™ Planning service with your own data, contact us for a demo.