Introduction, Value Proposition and Prerequisites
Big data means different things to different people. In the context of forecasting, the savvy decision maker needs to
find ways to derive value from big data. Data mining for forecasting offers the opportunity to leverage the numerous
sources of time series data, internal and external, now readily available to the business decision maker, into
actionable strategies that can directly impact profitability. Deciding what to make, when to make it, and for whom is a
complex process. Understanding what factors drive demand, and how these factors (e.g. raw materials, logistics,
labor, etc.) interact with production processes or demand, and change over time, are keys to deriving value in this
context.