Forecasting with the R forecast model
BCS Itera provides time series forecasting using R programming language.
Forecating with the R forecast model
Forecasting is one of the most complex and valuable aspects of business intelligence. High quality time series data is the basis for accurate forecasts. BCS Itera provides time series forecasting using R programming language. We use Power BI, which is compatible with the R language, to present the forecasts.
The forecast categories our customers use most often include:
- Cash flows
- Sales turnover by business unit
- Sales turnover by product
- Revenue/expenditure forecast for budgeting
There are several models for time series forecasting, we use two of them: ARIMA and SARIMA.
These models are characterised by the combination of autoregressive (AR) and moving average (MA) models, with the SARIMA model also incorporating a seasonality component (S). To find out more about these models, read the articles published in our magazine Äri-IT:
https://www.itera.ee/en/2022/09/forecasting-with-the-r-forecast-model/
https://www.itera.ee/en/2023/11/seasonal-data-forecasting-using-the-r-forecast-model/