Harman’s Digital Transformation Solutions (DTS) business unit, Samsung Electronics’ wholly owned subsidiary, has recently launched ForecastGPT.
Harman Launching Predictive Analytics Platform – ForecastGPT
ForecastGPT is a predictive analytics platform which helps in allowing organizations to forecast sales, supply chain and financial planning across industries including retail, manufacturing, healthcare, hospitality, and communications.
In an interview with media, the president, digital transformation solutions and chief digital and information officer at Harman, Nick Parrotta said, “In financial planning scenarios, analysts can forecast revenue from multiple streams with precision, identify anomalies and generate detailed commentary to explain the trends in the data.”
This analysis can showcase various details such as sales volumes, demand patterns, inventory levels, stockouts, revenue, expenses, cash flow, marketing campaigns, and click through rates.
Accurately Predicting Future Trends & Enhancing Performances
This holds a great significance as with the help of this one can accurately predict future trends, allows businesses to optimize resource allocation, and enhance overall business performance.
Basically, this appears to be designed for businesses that operate in dynamic and uncertain markets as the demand and supply can vary significantly.
Parotta said ForecastGPT could help in a similar crisis by helping companies plan better while giving the example of the semiconductor industry, whose supply chain was affected during the Covid pandemic.
On the subject of monetisation, he stated that the company will be looking at a license-based or a subscription model for the use of the platform by its clients.
Adding, “With the application of AI, we want to deliver tangible, bottom-line results.”
This platform claims to offer help to get a deeper understanding of complex data patterns and more accurate forecasting without requiring any predefined templates or formulas, according to Parotta.
Besides this, the platform comes with advanced AI capabilities, real-time adaptability and the ability to integrate with various platforms. It can work with any data format and source, such as CSV, Excel, SQL, API, and more, Parotta said.
When it comes to Harman Digital Transformation Solutions, it is a business unit of Harman which has over 7,000 employees out of which approximately 5,500 are based in India.
Rest are spread across 12 countries in more than 45 locations, across hardware, software, and industry domains that cater to 200 clients globally.
