Launching a forecast challenge

Anticipating events by trying to be prepared for them is something that humans have tried to do since time immemorial. As no one has invented a crystal ball that really works, the exercise of forecasting has become a science where the success or failure of our companies is based on.

Knowing what we are going to sell is crucial to efficiently size our supplies, our production needs, storage, distribution, commercial and back office structure, etc. Now more than ever, we address extreme uncertainties that challenge any forecast and system.

We live in frantic times where forecasting mixes both statistical models based on historical series that use old mathematical algorithms together and the new Artificial Intelligence (AI). To what extent does AI, incorporating external data, improve the calculations of mature mathematical models? How much reality / reliability and “opportunistic marketing” does AI have today?

At Howdazz, we launch a challenge to companies with the ability to generate sales forecasts to calculate supply in retail. We are going to share real data of a Spanish retail company that is looking for “its forecast solution” and we will evaluate the quality of all the solutions received with business criteria.

In this picture you can find the bases of the “Forecast Challenge”. We invite you to participate and to contact us for any question at forecastchallenge@howdazz.com.

Author: Luis Perdiguero
Publication date: 15 January 2021