Forecast Pro

What is Forecast Pro

Forecast Pro is a specialized, off-the-shelf software package designed for business forecasting. Its main purpose is to help companies create accurate and reliable demand forecasts to improve planning, manage inventory, and optimize supply chains. The software combines the power of artificial intelligence (AI), machine learning, and traditional statistical forecasting methods into a user-friendly platform. It is built to be accessible to business professionals, not just data scientists. The core functionality revolves around an automatic algorithm that analyzes historical data and selects the most appropriate forecasting model. Founded in 1986 by Business Forecast Systems, Inc. (BFS), the company has a long history in the field. BFS was co-founded by Dr. Robert Goodrich and Eric Stellwagen and is headquartered in Waltham, Massachusetts, USA. It serves over 40,000 users across many industries worldwide.

Forecast Pro Features

• Automatic "Best Pick" Algorithm: Analyzes your historical data and automatically selects the most suitable forecasting model from a wide range of statistical, AI, and machine learning methods. This saves time and removes guesswork.
• Comprehensive Statistical Models: Includes a full suite of proven forecasting models like exponential smoothing, Box-Jenkins (ARIMA), dynamic regression, and more for handling various data patterns.
• Machine Learning Integration: Utilizes machine learning algorithms to identify complex patterns, non-linear relationships, and external factors that traditional models might miss.
• Event and Promotion Modeling: Allows users to model the impact of special events, holidays, and marketing promotions to create more realistic forecasts.
• New Product Forecasting: Provides tools to forecast demand for new products by using data from similar, existing products as a proxy.
• Forecast Adjustments and Overrides: An intuitive interface allows users to manually adjust system-generated forecasts based on their expert business knowledge.
• Accuracy Measurement: Tracks forecast accuracy using standard metrics like MAPE (Mean Absolute Percent Error) and WMAPE (Weighted Mean Absolute Percent Error) to help users evaluate performance.
• Batch Forecasting: Capable of generating forecasts for thousands of items (SKUs) at once, making it suitable for large-scale operations.

Forecast Pro Pricing Plans

Forecast Pro offers several product editions tailored to different business needs, though specific pricing is typically provided through a direct quote. The plans are structured based on the level of functionality and the number of users.

• Forecast Pro TRAC: This is the flagship edition, offering a comprehensive suite of forecasting tools, collaboration features, and the ability to handle large datasets. It is designed for medium to large enterprises with complex forecasting requirements.
• Forecast Pro Unlimited: A powerful desktop-based solution that includes the automatic algorithm, detailed analytics, and batch forecasting capabilities. It is suitable for individual forecasters or small teams who need robust functionality.
• Forecast Pro XE: An enhanced version of the Unlimited edition that includes advanced features like event modeling, dynamic regression, and more complex forecasting models for expert users.

Forecast Pro Free Plan

Forecast Pro does not offer a permanently free plan. However, prospective users can request a free live demo to see the software in action and discuss their specific business needs with a product expert. They may also offer a limited-time free trial upon request, allowing businesses to test the software with their own data before making a purchase decision.

How to use Forecast Pro

Getting started with Forecast Pro involves a straightforward workflow designed for business users.

1. Import Data: Begin by loading your historical data into the software. This is typically time-series data, such as monthly or weekly sales figures, from a spreadsheet or database.
2. Select Items: Choose the specific products, services, or items (SKUs) you want to forecast from your imported dataset.
3. Generate Forecasts: Use the automatic forecasting feature. Forecast Pro's expert selection algorithm will analyze each item's data and apply the best-fitting statistical or machine learning model.
4. Review and Analyze: Examine the generated forecasts, which are presented in graphs and tables. Review key statistics and accuracy metrics to understand the forecast's reliability.
5. Make Adjustments: Use the override and collaboration features to make manual adjustments to the baseline forecast. This is where you can apply your business knowledge about upcoming promotions, market changes, or other factors.
6. Export and Report: Once you are satisfied with the forecast, export the results to be used in your ERP, SCM, or other business planning systems. You can also generate reports to share with stakeholders.

Pros and Cons of Forecast Pro

Pros:

• High Accuracy: The combination of statistical, AI, and ML models provides highly accurate forecasts.
• Ease of Use: Despite its power, the software is designed to be used by business planners, not just statisticians.
• Automation: The automatic "best pick" feature saves significant time and effort in model selection.
• Established Reputation: The company has been a leader in forecasting software for decades, indicating a stable and reliable product.
• Scalability: It can handle forecasting for tens of thousands of items simultaneously.

Cons:

• Cost: As a specialized enterprise tool, it can be a significant investment, especially for small businesses.
• Desktop Focus: While powerful, some editions are desktop-based, which may not be ideal for teams seeking fully cloud-native collaboration.
• Learning Curve: While the basics are easy, mastering the advanced features and statistical nuances can take time.
• Dated Interface: The user interface may appear less modern compared to some newer SaaS platforms.

Forecast Pro integrations

Forecast Pro is designed to integrate with other business systems to ensure a smooth planning process. This is primarily achieved through its Forecast Pro SDK (Software Development Kit), which allows for seamless embedding of its forecasting engine into other applications.

• ERP Systems: It can be integrated with major ERP systems like SAP, Oracle NetSuite, and Microsoft Dynamics to pull historical data and push final forecasts back for inventory and production planning.
• Supply Chain Management (SCM) Systems: Integrates with SCM software to provide the demand data needed for inventory optimization and logistics.
• Databases and Spreadsheets: Directly connects to data sources like Microsoft Excel, CSV files, and various databases to import and export data easily.

Forecast Pro Alternatives

• Netstock: A cloud-based inventory optimization tool that includes strong demand forecasting features. It is often praised for its user-friendly dashboard and focus on inventory management.
• SAP Integrated Business Planning (IBP): A comprehensive enterprise solution for supply chain planning. It is more of an end-to-end platform than a standalone forecasting tool and is suited for large organizations already using SAP.
• Anaplan: A connected planning platform that allows businesses to model various scenarios, including demand forecasting. It is highly flexible but can be complex to set up.
• John Galt Solutions Atlas Planning Platform: A comprehensive supply chain planning software that offers robust demand forecasting and inventory management capabilities, similar to Forecast Pro.
• ToolsGroup: Provides service-level-driven supply chain planning and demand forecasting, often using probabilistic forecasting and machine learning.

Forecast Pro API

Forecast Pro provides a Software Development Kit (SDK) rather than a traditional REST API. The SDK allows developers to embed the Forecast Pro forecasting engine directly into their own custom or commercial software applications. This provides a seamless way to add powerful forecasting capabilities to existing systems.

To get access to the SDK, developers and businesses must contact Business Forecast Systems, Inc. directly through their official website. They will provide the necessary files, documentation, and licensing information.

Hypothetical C# code example of using the SDK:

// This is a conceptual example and not actual working code
using ForecastProSDK;

public class ForecastGenerator
{
    public double[] GetForecast(double[] historicalData)
    {
        // Initialize the Forecast Pro engine via the SDK
        FproEngine engine = new FproEngine();
        engine.LicenseKey = "YOUR_SDK_LICENSE_KEY";

        // Load historical data
        engine.LoadData(historicalData);

        // Run the automatic forecasting process
        engine.RunForecast();

        // Retrieve the forecast results
        double[] forecastValues = engine.GetForecastValues(12); // Get next 12 periods

        return forecastValues;
    }
}

Forecast Pro Affiliate program

Forecast Pro does not publicly advertise a standard affiliate program for individuals to earn commissions on referrals. As an enterprise software provider, their sales process is more direct and consultative. However, they likely have a partner program for resellers, consultants, and technology partners who integrate Forecast Pro into their own offerings. If you are interested in partnership opportunities, it is best to contact the Business Forecast Systems sales or business development team directly through their corporate headquarters email or phone number to discuss potential collaboration.