January 29, 2019, SANTA CLARA, CALIF. – Prevedere, an industry insights and predictive analytics software company, today announced the launch of ERIN Predictive Analytics Cloud, the first augmented analytics solution to automatically predict and quantify the impact of external influences on future business performance. The ERIN Predictive Analytics Cloud leverages the power of machine learning to rapidly analyze millions of global data series updated daily from hundreds of sources. Companies can easily discover the specific external leading indicators (e.g., wages, employment, consumer sentiment, weather patterns, online search trends) that will affect their sales, costs or profitability.
With the ERIN Predictive Analytics Cloud, data teams have internal and external data at their fingertips, so they can confidently provide new future-looking insights. Business leaders in industries such as consumer goods, retail or manufacturing can make smarter decisions and proactive business moves with increased visibility into upcoming headwinds and tailwinds.
“Our customers, many who are global leaders in their industry, are now able to optimize working capital and improve inventory management using data from inside and outside their four walls,” said Rich Wagner, CEO of Prevedere. “In many cases, we can help reduce excess inventory by 10% or more while significantly improving marketing ROI using the insights developed by the ERIN Predictive Analytics Cloud.”
The ERIN Predictive Analytics Cloud is the latest advance in augmented analytics, an approach that uses machine learning to automate insights generation. The SaaS solution is built on Microsoft’s Azure Machine-Learning platform and powered by Prevedere’s proprietary ERIN (External Real-time INsights) Engine.
According to Gartner, “Augmented analytics can reduce time-consuming exploration and the identification of false or less relevant insights. Applying a range of algorithms and ensemble learning to data in parallel, and explaining actionable findings to users, reduces the risk of missing important insights in the data, in comparison to manual exploration.” *
Key capabilities of ERIN Predictive Analytics Cloud include:
- ACCESS TO GLOBAL DATA – Users can access millions of formatted, categorized, and tested global data series from hundreds of public and private sources, part of the ERIN Indicators data subscription offering launched in December of 2018.
- AUTOMATED DATA DISCOVERY – The ERIN Engine rapidly selects the most predictive leading indicators based on StrengthScore™, a proprietary combination of various statistics such as correlation, direction accuracy, industry relevance and the frequency of use in other ERIN analyses.
- AUTOMATED MODEL BUILDING AND TESTING – With a click of a button, users test thousands of external data series combinations and then auto-generated a predictive model. Detailed statistical information such as the data used in the final model, MAPE, R-Squared, and directional accuracy, are also created in minutes.
- ECONOMIC DRIVER INFLUENCE ANALYSIS – Intuitive reports describe the strength and lead time of each external factor as it influences future company performance. Analysts can focus on the most critical drivers to their business.
For more information about the ERIN Predictive Analytics Cloud, please visit https://www.prevedere.com/products/erin-augmented-analytics-cloud/.
*Gartner, Augmented Analytics Is the Future of Data and Analytics, 31 October 2018
Prevedere was named in the 2017 Red Herring Top 100 Global Company and the Best Business Intelligence Reporting & Analytics Solution of 2017 by the SIIA CODiE Awards. Prevedere was also mentioned in the September 2018 Gartner Cool Vendors in Information Innovation report.
Prevedere is an industry insights and predictive analytics software company, helping business leaders make better decisions by providing a real-time view of their company’s future. While most companies can easily report on internal performance, Prevedere’s external real-time insights engine constantly monitors the world’s activity, identifying future threats or opportunities to business performance. Along with a team of industry experts, data scientists and economists, Prevedere helps business leaders make the right decisions in an ever-changing world. To learn more, visit www.prevedere.com and follow @Prevedere on Twitter.
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