How does Anaplan ensure forecast accuracy and optimise performance?

Chris Minett is the Solutions Consulting Director at Bedford Consulting. Chris leads a highly skilled team who provide expert guidance and support to customers, showcasing the capabilities of Anaplan’s platform to address their specific business needs and challenges. Today, Chris answers some common questions about forecast accuracy and performance in Anaplan.

How does Anaplan ensure forecast accuracy compared to traditional spreadsheet methods?

Anaplan has a multi-faceted approach to ensuring forecast accuracy, overcoming the limitations of traditional spreadsheets such as their scalability, version control and challenges with real time collaboration.

• Data Quality: Anaplan can integrate and validate vast quantities of data from multiple sources, ensuring an up to date, accurate stating point. Any outliers in the data can be automatically removed from the forecast to prevent them impacting the results.
• Advanced Analytics: Anaplan harnesses advanced analytics and modelling techniques, such as machine learning algorithms to empower organisations to make more accurate predictions of future outcomes
• Collaboration: Anaplan promotes collaboration across departments, facilitating feedback loops for continual refinement, resulting in enhanced accuracy over time.
• Scenario Analysis: Unexpected events mean forecasts will never be 100% accurate so Anaplan allows for real time scenario planning, enabling users to model different risks, opportunities and initiatives and assess their impact on the business.

Can we track the accuracy of our forecasts over time?

Absolutely. Anaplan provides fantastic tracking and reporting features to monitor forecast accuracy continuously. By comparing forecasted figures with actual performance data, organisations can identify trends, assess model effectiveness, and make necessary adjustments to drive improvements. This iterative process enhances forecasting capabilities, ensuring alignment with business objectives and facilitating data-driven decision-making.

Are there any algorithms or machine learning capabilities built into Anaplan for improving forecast accuracy?

Yes, indeed. Through PlanIQ – which puts Intelligent ML capabilities and deep learning algorithms in the hands of business users – and more traditional statistical based forecasts, Anaplan will analyse historical data, identify trends, patterns and correlations, to generate forecasts. Forecasts can be based on an automatically selected best-fit method to maximise Forecast Accuracy before allowing users to make value add adjustments based on their own insight.

What kind of support or resources are available for optimising our forecasting models?

Bedford Consulting, as an Anaplan Implementation Partner, offers comprehensive support and resources to optimise forecasting models. From initial implementation and training to ongoing support and best practices, our team ensures customers maximise the value of the Anaplan platform. Additionally, Anaplan provides online resources, community forums, and expert guidance, empowering users to refine their forecasting strategies and drive business growth.

How does Anaplan handle large datasets and ensure optimal performance?

Anaplan’s scalable architecture and in-memory computing enable efficient handling of large datasets while ensuring optimal performance. Anaplan accelerates data processing and calculations, even with massive datasets. This scalability and flexibility empower organisations to scale their forecasting capabilities seamlessly, adapting to evolving business needs and driving sustainable growth.

We will be answering more frequently asked questions next week, if you are interested to find out more why not have a look at our other blogs here.