Amplify Analytix proves more accurate, easier forecasting is possible, securing the coveted REACH Incubator award 2023
AMPLIFY ANALYTIX’S BREAKTHROUGH WITH DFAST
Amplify Analytix emerged as a winner out of 400 applicants of the highly esteemed REACH Incubator, part of the European Commission funding programme “Horizon 2020”. Working in collaboration with Tetra Pak, Amplify Analytix’s Dynamic Forecasting at Scale System (DFAST) was acknowledged for its exceptional ability to tackle the notoriously challenging problem of getting to a highly accurate forecast.
Laura Murphy, CEO of Amplify Analytix said “The benefits of an accurate forecast have long been clear: good forecasting not only reduces waste, it increases customer experience and optimises production planning and inventory, ultimately freeing up precious working capital. However, it has been made harder through trend changes during the pandemic, supply chain shocks, and spiraling inflation. We think that experience-based forecasting has become almost impossible. With the introduction of DFAST, we are proud to be able to deliver a more accurate forecast in an efficient way, ultimately helping our clients to serve their customers better.”
DFAST is the cutting-edge solution revolutionizing the way businesses predict and plan for the future. It follows a novel non-traditional approach by allowing users with little data analytics knowledge to arrive at the right forecast within minutes. It analyses historical data, then layers on both macroeconomic and relevant leading indicators to identify patterns and predict future trends. DFAST provides the maximum possible accuracy and precision by automatically selecting the most suitable model out of 10 competing ones. This helps companies to be more right, more often in today’s competitive environment.
DFAST can be used for inventory, production, sales, consumer and marketing insights, performance analytics, and financial forecasting across industries where the environment is dynamic and companies need to plan across a variety of products, locations, and under different conditions. DFAST provides unparalleled customisation on a variable level while maintaining exceptional scalability, making it the ideal choice for businesses seeking to continuously grow, while freeing up working capital and reducing the cost to serve.
ABOUT REACH INCUBATOR
REACH Incubator, is an Innovation Action project funded by the European Commission and launched in September 2020. REACH is a second-generation Big Data incubator, building on the successful efforts of EDI – European Data Incubator to accelerate data-driven innovation in Europe, towards the vision of the Common European Data Space and developing the European Data Market.
REACH aims to be the main innovation mechanism that supports experimentations on secure and trusted data value chains across several sectors and the launching of new data-fuelled products and services to the market, leveraging the capacities of the best data-driven DIHs in Europe. Over its lifetime, REACH will support +100 business ideas from SMEs and select among them 30 solid business cases through a total of three open calls in the coming three years, distributing a total amount of €3.5M. Ultimately, REACH aims to demonstrate that Data Silos can be broken by enabling a multi-stakeholder cross-sectorial incubator to boost data-fuelled sustainable solutions.