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.
Solutions :
- 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.
Business Impact
Palm oil forecasting
Accuracies
Achieved palm oil forecasting accuracies of >95% at a daily level.
Saving of MoM on
palm oil
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 &
monetary losses
Reduction in time & monetary losses due to manual researches (supported by 3rd parties) & reading technical indicators.
COVID impact
in 2021
Correct identification of trend reversals in palm oil prices due to COVID impact in 2021. This helped the procurement team to avoid unexpected losses.
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