Harman’s DTS, a Samsung Electronics company, developed a new application called ForecastGPT that will enable organizations to estimate sales, supply, and fiscal planning.
What is ForecastGPT?
Harman ForecastGPT, incorporating the perfection of GPT technology, is proficient in superior reasoning and offers elaborate commentaries on trends noticed in data, says the company in its statement. The feature makes it a great tool for any business that requires accurate forecasts and sound decision-making.
The advantages of the platform are that it can be applied to many types of forecasting situations in formulating different business strategies and proposals in the sphere of retail and manufacturing businesses as well as in the sphere of healthcare, hospitality, and communications industries.
Features of ForecastGPT
- The following may be some of the analytical factors, the volume of sales, demand trends, stocks, stock-outs, revenues, costs, cash flow, marketing crusades, and click-through ratio.
- It also enables business persons to allocate resources effectively and thus improve business performance since future trends can be predicted without much difficulty. It fits those organizations that find themselves competing in unpredictable markets, therefore demand and supply risks are high.
- The platform could support organizations in getting a better insight into intricate patterns of information and a more precise prognosis without using any templates or formulas that were predefined.
- The platform has complex Artificial Intelligence characteristics, flexibility, and compatibility with other platforms. That is why it can work with any data format and sources like CSV, Excel, SQL, API, or others, Ti said.
For example, in sales forecasting, there is a possibility of using Harman ForecastGPT to estimate sales volumes and demand for products so that the strategy of the firm is well coordinated to fit the prevailing market situation. Forecasting in the supply chain allows the platform to identify and predict the levels of stock, and whether there might be a stock-out situation, thus enabling businesses to maintain desirable levels of stock.
Financial planning has been seen to predict the revenue from several sources effectively, find out if they are outliers or not, and prepare a commentary that guides users in understanding any new trends.