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BI Encyclopedia

Forecasting

What is Forecasting?

Forecasting is the act of analyzing and mining data in order to predict what will happen in the future. Forecasting is typically accomplished using a BI application.

Forecasting can provide essential data to any business, no matter the industry. For example, in the case of a facility manager, such an application might provide real-time KPIs to give users the insight they need to make data-driven decisions – to track performance of every asset, accurately predict points of asset failure, and save maintenance costs to enhance equipment life.