Business Problem :
- Average quarterly loss of >8% in monthly palm oil procurement due to non-availability of accurate 15th & 30th day price forecasts.
- Inhouse tool built by internal data analytics team failed to reach expected accuracies of >90% in palm oil price forecasting .
- Inability to forecast price trends/trend reversals often resulted in losses of opportunity costs.
- PriceVision was offered as a SaaS platform, where the procurement team & analytics team can login and track the prices & use other product features.
- Diagnostics page & Tracker page were added to track historical accuracies and product performance.
- Users had access to other additional features like Driver contribution view, Volatility, Seasonality Chart etc.
Palm oil forecasting
Achieved palm oil forecasting accuracies of >95% at a daily level.
Saving of MoM on
Enabled accurate 15th & 30th day ahead buy/sell decisions resulting in an overall saving of >15% MoM on palm oil procurement (>1.5 cr INR).
Reduction in time &
Reduction in time & monetary losses due to manual researches (supported by 3rd parties) & reading technical indicators.
Correct identification of trend reversals in palm oil prices due to COVID impact in 2021. This helped the procurement team to avoid unexpected losses.