Time Series Forecasting Tool: Data Prediction in Power & Energy Industries

Time-stamped data is molded into actionable insights with the assistance of a time series forecasting tool after a proper data strategy. These real-time data analytics tools are used to reshape unstructured raw data into information to achieve business success for stakeholders. The term “time series forecasting” is an amalgam of two phrases “time series” and “forecasting”. Let’s learn what these terms mean and how it’s beneficial for high-level executives including CEOs, CTOs, or CFOs.

Introduction to Time Series And Forecasting

In continuation to the above, time series is a mathematical series of discrete data values arranged in a time sequence. It could be a sample of observations based on repeated measurements across time. Besides, forecasting means predicting something on historical data, labeled with time.

This technique is helpful when someone wants to predict the future based on past events. Now, the question arises of how one can get predictions on their data. Are there any tools available online? Or need to hire a time series forecasting company? I think the right answer is a time series forecasting tool because it is easy to operate and generate reports in no time.

Why Do you Need Time Series Forecasting Tool

A time series forecasting tool could be a one in all solution to address different business problems with the help of deep time series data analysis. This software has the ability to apply latest Deep Learning and Machine Learning algorithms for better intuition with data. It trains multiple state-of-the-art models and chooses top-tier performance models matching your business need.

For instance, you own an eCommerce business on a national level but you dream to expand it internationally with minimum investment. What will you do? Obviously, get insights on such products that have been successful over the years. Then learn about traffic from other countries and shortlist products that can be successful based on historical data. Instead of blindly listing your products and getting defaulted. Consequently, these tools are used when you want such valuable insights that assist in business expansion and increase ROI.

Odyx yHat: Time Series Analytics Tool

Odyx yHat is a time series forecasting tool designed for businesses to seamlessly operate their regular operations and enhance return on investment without any technical knowledge of your business data. With Odyx yHat, we want to make tomorrow’s technology available to everyone today more understandable and take out the need for expertise to apply this technology in day-to-day business.

Features of Odyx yHat: One Solution To All Problems

The features of time series forecasting tools like Odyx yHat are designed after a deep analysis of industry problems under different conditions or circumstances. This tool has a wide variety of features to ease non-technicals to operate and play with it. In addition, it has the facility to import data from multiple sources in various formats including databases, Spreadsheets, JSON/XML files, etc. Let’s assume, you want to forecast crude oil prices in Mexico– a region in North America. Most of the time series and forecasting tools fail due to continuous volatility in prices. So, Odyx yHat comes with a bundle of pre-build machine learning models to control price volatility and forecast with more than 80% accuracy. It assists stakeholders with the following features.

Allows real-time data forecasting
Display summary statistics
Import & Export data in different formats
Facility to load pre-build/open-source machine learning models
Build customized machine learning models without any technical resource
ML model optimization to improve results

Time Series Data Analysis Use Cases

Time series forecasting is a common technique that is used in machine learning to predict time-stamped data. It has multiple use cases across different industries depending upon a variety of scenarios and conditions. Here we have some use cases from our data scientists and machine learning engineers and partner businesses.

Real-time load forecasting
Optimize model performance
Build workflow prototypes
Scale workflow performance
Power and meteorological forecasting

Benefits of Time Series Forecasting Tool For Power & Energy Businesses

Advanced time series analysis benefits organizations in uncountable ways starting from business apprehension to lead generation. It helps in better envisioning business goals and making decisions based on data forecasting. Forecasting can be done via time series forecasting tools more conveniently and accurately without onboarding a technical resource to draw fruitful conclusions. These time series and forecasting tools empower companies in the following ways.

A better understanding of business
Workforce optimization
Autonomous maintenance scheduling
Risk analysis as well as risk mitigation
Power and meteorological forecasting

Achieve Business Success With Odyx yHat

Odyx yHat is a true companion of every business because it enables executives via “Self-service”; just with one click, you have to upload your data, and boom! You will get deep data analysis for better decisions.

Our tool is designed to democratize Artificial Intelligence, Machine Learning, and Data Science for everyone to secure a viable future for the next generations. This AI-based forecasting tool is designed to solve challenging industrial problems. Making the technical but complex process more straightforward and usable for an ordinary user without needing technical education in computer sciences.

Frequently Asked Questions

What does forecasting mean?

Forecasting is a strategy or technique used to predict future instances based on historical data. It enables stakeholders to understand their business growth in its true meaning and make business decisions accurately. For example, you have an electricity transmission company in the United States and want to predict electricity load to optimize energy generation and save money in return.

What is time series analytics?

Time series analytics is analyzing time-labeled data recorded in a sequence. Analysts gather data values that have some meaning in a specific time interval so that they can make predictions with high accuracy.

What is the best time series forecasting tool?

In the digital world, a tool or a piece of software that benefits someone to achieve success is said to be the best. Odyx ai offers an avant-garde AI ML tool that forecasts time series data and generates actionable insights in records. Are you interested? Let’s book a free demo to see Odyx yHat in action.

Why do you need forecasting tools?

Forecasting is a technique used to predict upcoming instances based on historical data. It's hard to analyze data manually because it requires a lot of investment to hire researchers that can deeply analyze data and make predictions. For that reason, forecasting tools like Odyx yHat ease business owners to get their data analyzed at fewer costs.