Technology solutions provider Vizen Analytics is launching an enhanced version of its proprietary Empowered-AI demand forecasting platform. The latest version includes the ability to create very accurate prediction models using a combination of client sales data and third-party data relevant to the use case.

“We have tested Empowered-AI™ against some of the world’s best demand forecasting systems and believe it is as good or better,” said Vizen Analytics CEO Greg Foster. “We aren’t stopping there. It’s going to get even better over time as we bring more data into it and we expand into multiple use cases.”

Foster said Empowered-AI™ is already being used to help the automotive industry better manage supply chains through the current chip shortage as well as helping the food industry tighten purchasing processes to reduce food waste.

“Our goal is to help flatten the bullwhip effect in supply chains,” Foster said. “The current pandemic has increased the severity of this effect. Buyers are over-purchasing more than ever and we are seeing a lot of product in the wrong places at the wrong time. With more accurate demand forecasting from Empowered-AI™, we can increase visibility through the supply chain and reduce panic buying.”

Empowered-AI™ is offered in a custom SaaS program and can be implemented at a purchasing organization in less than 90 days. Most companies can expect to see forecasting accuracy improve between 10 and 20 percent once fully implemented.