Prevedere, a leading provider of global intelligence and technology for enabling advanced predictive planning, today introduced its new Early Warning System (EWS) designed to automatically monitor and alert leaders to critical economic changes impacting their businesses, allowing them to proactively adjust business plans. EWS utilizes Prevedere’s patented AI and machine learning technology to combine business insights, leading performance indicators, and economic modeling to provide unique, business-specific foresights for leaders.
With a higher number of industries in decline than at this time in 2008, today’s macroeconomic volatility has made it extremely difficult to accurately forecast operations and resource needs, directly hitting companies’ bottom lines in an already challenging business climate. In fact, one global manufacturing business reported a $20 million cost of carrying too much inventory after its monthly sales forecasts were off by just eight percent.
Without monitoring relevant economic, industry, and consumer indicators, businesses are vulnerable to the effects of external economic change that can lead to crises such as the upheaval of Silicon Valley Bank (SVB).
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“What happened at SVB is a great example of why executives need to monitor external economic indicators,” says Rich Wagner, CEO and founder, Prevedere. “Warning signs began to surface in the fall of 2022, but leaders didn’t have the proper monitoring and alerts in place to take action. Econometric modeling of internal and external factors is the number one way to plan ahead for your business. Prevedere’s Early Warning System was developed alongside Fortune 500 companies to ensure it provides not just the data, but the visibility and insights needed for business leaders to take action.”
With Prevedere’s EWS leaders can:
- Identify which external factors each business unit needs to monitor and quantify their potential impact
- Build a forecast model showing which factors are pushing or pulling future performance
- Set alerts to notify key employees of changing external conditions to provide months or quarters of advance notice of headwinds and tailwinds
- Receive clear insights based on planning needs, with access to external indicators at any time.
Early users of Prevedere’s new EWS have praised the technology for its ability to solve this critical issue by isolating both leading and coincident inputs for forecasting. As industries including automotive, retail, consumer goods, and logistics continue to navigate today’s economic volatility, it is vital for executives to utilize data-driven forecasts with external factors to inform and provide guardrails for planning.
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