Time series forecasting is one of the easier business use cases of machine learning and AI for people to understand. Just think about your 401k. Time series forecasting can take the historical performance of your 401k and predict the values at future time periods.
The concept is easy to grasp, but many companies still struggle to implement time series analysis into their organization successfully. The reasons vary from lacking resources to selecting the right use case to start. However, when done correctly, time series forecasting provides actionable insights and reduces risk across the organization.
To successfully execute a time series analysis, you need your business use case, straight-forward but tied to your KPIs, and either data scientists and time or an automated solution to help you quickly and confidently produce models and results.
There are two types of analysis you can do with time series. The first is univariate, where you only make predictions based on one factor. For example, what the value of your 401k was at different points in the past. The other is multivariate, where you make predictions using two more factors. For example, what value of your 401k was, how the market performed as a whole, when any elections occurred, etc.
Squark’s platform handles both types of analysis, and all of the most common use cases can be analyzed using either method, depending on your business and the available data.
The use cases:
Squark is a no-code predictive analytics tool that has automated the entire data science process for not just time series but also binary, multivariate, and regression forecasting. The tool takes your raw data and processes it through data prep, feature engineering, anomaly and outlier handling, modeling, and more into action results.
Squark provides the results in easy-to-read tables with natural language summaries as well as supplemental data science reports for the more technologically inclined. So now, analysts and business owners can generate the data sciences reports to stay one step ahead of their customers and the competition.
To learn more and see a demo of time series forecasting on Snowflake data, you can download a webinar here. Or schedule a call if you’re ready to speak with us about how you can use Squark’s forecasting.
Squark is a no-code AI as a Service platform that helps data-literate business users make better decisions with their data. Squark is used across a variety of industries & use cases to uncover AI-driven insights from tabular and textual data, prioritize decisions, and take informed action. The Squark platform is designed to be easy to use, accurate, scalable, and secure.