Global Fortune 500 companies use Prevedere to improve sales and demand forecasts
January 6, 2016 (SUNNYVALE, California) – Prevedere, a predictive analytics company that powers unprecedented sales and demand forecast accuracy, closed 2015 with record-breaking growth, including a 200 percent increase in bookings year-over-year. After closing a $6.7 million Series A led by PointGuard Ventures in June, Prevedere has added some of the world’s largest brands to its client roster, including Brown-Forman, Nationwide Insurance and Hershey, and recently was highlighted by Gartner in its Market Guide for Specialty Corporate Planning Applications.
Unrivaled forecasting abilities drive demand
Prevedere’s growth is attributed to its ability to effortlessly correlate millions of external data sets, including macroeconomic factors, global manufacturing activity, consumer behavior, online traffic and weather, with corporate performance in order to create more comprehensive forecasts. For example, a leading fast food chain reduced forecast error by 20 percent by leveraging Prevedere’s regional statistics, streaming consumer brand awareness metrics and weather data. Likewise, RaceTrac, a convenience store with more than 500 locations, was able to predict store traffic with 99 percent accuracy using Prevedere. By integrating these forecasts into core business operations, such as supply chain management, financial planning, staffing and marketing, companies can make smarter decisions that reduce costs and increase profits.
In 2015, Prevedere added a comprehensive suite of APIs to its solution, delivering real-time, big data-driven predictive forecasting ability to SAP, Oracle, Tableau and Microsoft users. These integrations allow companies to combine external factors with existing business intelligence and historical data for a holistic view of performance.
“Our significant growth proves that enterprises in industries ranging from manufacturing to retail are looking for a better way to forecast,” said Rich Wagner, president and CEO, Prevedere. “Our approach empowers decision makers with previously unattainable information about the true factors that drive their businesses’ performance, allowing them to realize significant bottom line benefits.”
Strategic growth to meet increased demand
To support this significant growth, Prevedere expanded its headquarters in Columbus, Ohio and added offices in Silicon Valley and greater Boston. The SaaS company also doubled its staff and leadership team, with key hires including:
•John Shap, executive vice president. With more than 25 years of experience in enterprise software at Hyperion (acquired by Oracle), DemandTec (acquired by IBM) and SPSS (acquired by IBM), Shap oversees global sales, marketing and service.
•Derek Smith, vice president of services. Leading Prevedere’s team of consultants and economists to provide maximum value to customers, Smith previously oversaw sales, services and marketing for DemandTec (acquired by IBM).
Prevedere also formalized its board of directors and advisory board in 2015 to enhance its go-to-market strategy. With significant experience in the technology industry, including Ariba, IBM’s DemandTec and Hyperion Dan Fishback was named executive chairman. Additional board members include Pete Thomas, managing partner at PointGuard Ventures, and Don Fowler, former CEO of SumTotal Systems and senior vice president of Tandem Computers. In addition, two key new members were appointed to the advisory board. Predictive analytics pioneer and former SPSS CEO Jack Noonan and Chris LaBruna, former Oracle executive and chief revenue officer of Saama Technologies, joined existing advisory board members John Christman, Joseph Ellis, Kevin McGuire and Michael Schuler.
“Prevedere is helping organizations around the world improve their return on equity and outperform competition,” said Fishback. “As companies continue to see how Prevedere identifies leading indicators that truly affect business performance in minutes – a process that previously required months – I expect this significant growth to continue.”
Prevedere offers executives an unprecedented view of business performance, empowering smarter, more profitable decisions. By allowing companies to look beyond their own walls for key external drivers of business performance, such as macroeconomic factors, manufacturing activity, consumer behavior, online traffic and weather data, Prevedere’s clients improve performance with more reliable forecasts of future demand, reducing forecast error by greater than 50 percent. Prevedere’s software quickly and easily integrates with existing financial and supply chain planning platforms to ensure companies are looking at the right factors that drive business.
Selected as a Gartner “Cool Vendor in Information Innovation” and named Innovation Enterprise’s FP&A Innovation Awards winner in Forecasting and Planning, Prevedere solves a critical void in business planning. To learn more, visit prevedere.com and follow @Prevedere on Twitter.