Automatic Forecast predictions
With the release of Neo version 0082, we are making it possible to have your Forecast predictions in the future to be done automatically based on your historical data.
The Forecast algorithms
The forecast algorithms are using historical data to make forecasts. When forecasting a driver (e.g. sales or footfall) for a specific unit, the current algorithms uses only data pertaining to that unit.
The algorithm tries to find regular patterns (seasonalities) and the overall trend. Seasonalities can occur on different time scales. For example, you can have a yearly seasonality (e.g. sales are higher around Christmas, lower during summer), weekly seasonality (e.g. sales are higher on weekends) or daily seasonality (e.g. sales are higher at lunchtime).
Multiple seasonalities can be present for the same time. Many units experience significant holiday effects and the algorithms try to estimate that by using data from the same holiday of previous year(s). In general, the algorithms will make more accurate forecasts when they have more historical data. Quinyx recommends 24-36 months of data. However, with 60 days of data, a forecast will be produced.
Currently algorithm only make 90 days forecast prediction into the “future” from the last data uploaded.
Where will the prediction be made visible and how?
The outcome of the algorithms prediction will be used in statistics variable as the prediction for that specific variable. If you would have a driver that is sales, when you have uploaded 24-36 months of historical data so that the algorithm has many seasonalities to work with it will produce this as a row in the table view in statistics or a line in the graph view.
Read more about forecast in statistics here.
How do I activate this?
If you already have Neo Forecast up and running today please contact support and they will help you with the behind the scenes activation of the algorithms. After that is done you will only have to follow the instructions that follow.
If you do not have Neo Forecast today but is eager to know how using automated predictions together with optimal staffing rules to help your managers make even better schedules for your employees, then contact firstname.lastname@example.org
How do I configure the algorithm?
The algorithm is configured by creating a new configuration. This is done from Account settings -> Forecast configuration -> Add new forecast configuration
Forecast formula now offers the choice "Quinyx forecasting algorithm", when selecting that formula you are presented with additional choices. This to be able to schedule when the algorithm runs
What other configuration is needed?
In order for the algorithm to be able to take public and bank holidays into account the country needs to be correctly configured on the unit(s). Read more about how to configure this here
How do I initiate it manually?
In some cases you might not want to wait a full week before the algorithm to run. This could be because of testing during an implementation phase or that lots of new input data has been added historically that may affect the future predictions. This is available from Account settings -> Forecast configuration and by interacting with the more details icon.
In this detail panel you will be able to see the statuses of the previous runs and can initiate a new run
How do I follow up on the historical runs and logs?
You will be able to follow up the log from Account settings -> Forecast configuration and by interacting with the more details icon as described above.