Eric is the Director of Thought Leadership at The Institute of Business Forecasting (IBF), a post he assumed after leading the planning functions at Escalade Sports, Tempur Sealy and Berry Plastics. In 2016, he received the IBF Excellence in Business Forecasting & Planning award. Eric is the author of 'Predictive Analytics for Business Forecasting'.
Web 2.0 is a term that’s been used often since the early 2000s. While the itself term is ambiguous, it has in many ways come to mean the socialization of the web. Compared to the static data put up by programmers back in the day, Web 2.0 is the connection of people – a new world of content being consumed and messages being communicated.
Everyone has seen the statistics – over 90% of today’s data was in the past two years. Think about how many website clicks, interactions, and consumer transactions are being created every day. Consider the 300,000 social media status updates, the 140,000 photos uploaded, and the 500,000 comments made every minute. Add to this the Internet of Things with its constant real-time transmissions, and you’ll have a good appreciation of the speed at which data are being created.
Harvesting this information can be a gold mine for organizations and a game changer for business forecasting and demand planning.
Predictive analytics is helping us unlock the keys to social data and web 2.0. Traditionally demand planning is focused on sales forecasts, generated using only internal order history and data....
Read Full Story: https://demand-planning.com/2021/09/08/using-social-media-data-to-improve-forecasts/
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