Predict the future of your business with time series analysis
How can you predict your cash flow requirements for next quarter?
What about accurately price in future energy usage or equipment repair costs?
How do you decide how much your competitor’s will bid in your next tender?
How your patient’s vital signs will look 6 months from now?
Finding patterns in your data
All companies have to make predictions about the future. It’s a key skill required to be successful in business, and unfortunately the consequence of being wrong can be quite severe. So it’s not a surprise that one of the first applications of data analytics and machine learning was how to solve this problem.
The secret is to take constant readings of key variables of your business operations and use that data to find important patterns over time. This time series data can be used to predict what comes next as well as being an early warning system of when things aren’t happening like they should be.
Business applications of time series analysis
Time series analysis is used in assembly lines and heavy industry to monitor machine temperatures and energy consumption. You can predict future energy costs based on past numbers, and if the pattern is off, you may have a problem you need to look into.
Time series analysis is used to optimize pricing in the pharmaceutical industry. If you’re constantly bidding against multiple companies in a competitive market, you get a winning advantage when you have years and years of data on how your competitors bid and which prices one previous tenders. You’ll be able to detect patterns in their behavior that they aren’t even aware of.
Time series analysis is used in the healthcare and biometrics industries. And in financial forecasting. Its application is limited only by your imagination and your ability to collect relevant data. Gauss Algorithmic can help you with both of these.
Get started today
Set up a stress-free call with one of our engineers today for a free consultation on how you can add time series analysis to your operations. We can help you identify key variables to measure, help set up your data collection process, and even design custom applications to make using your new analytic superpowers easy and intuitive.