Author: Oliver P. Kusumo, MBT Presales
Data Forecasting with ARIMA Model
Data plays a significant role in our daily lives today. It is no longer just static information that we access when needed. For example, if I am hungry, the data that helps me is a food menu. But today, data can be used for prediction or forecasting. When I am hungry, the data that will actually help me is not just the food menu, but also information on whether that food is beneficial for me based on my health history, eating habits, and daily dietary patterns, helping me decide what food is both nutritious and delicious. This is a remarkable phenomenon.
Forecasting uses various methods or models. One widely used approach across industries and business segments such as stock investment, electricity usage prediction, sales forecasting, and virus outbreak prediction is ARIMA. ARIMA, which stands for AutoRegressive Integrated Moving Average, offers very good accuracy for short-term forecasting, while its accuracy declines for long-term forecasts.
ARIMA Model in Oracle Analytics Server
Oracle Analytics Server is a leading analytics platform for self-service visualization and augmented artificial intelligence (AI). It can provide insights from large datasets, support data enrichment to enhance analysis, offer both traditional and advanced machine learning (ML), and deliver easy-to-understand visualizations with detailed reporting.
Oracle Analytics Server includes forecasting features with three useful options:
- ARIMA:AutoRegressive Integrated Moving Average models that extract patterns from historical data while accounting for anomalies.
- ETS: Exponential Triple Smoothing, which is less sensitive to anomalies or spikes. The smoother the historical data, the smoother the forecast.
- Seasonal ARIMA: A variation of ARIMA that accounts for seasonality.
Using the forecasting feature is simple. Just select the forecasting option located in the bottom left of the menu, and the dashboard will look as shown in the original article.
As data complexity and volume continue to grow, the quality of analytics ultimately depends on data quality and our skill in using analytical tools. Oracle Analytics Server can be an excellent choice to help you perform detailed and accurate forecasting analysis.
To explore Oracle Analytics further, you can visit the link https://www.youtube.com/watch?v=yOYemBtdpnQ&t=10s (Get started with Oracle Analytics)
Discover Oracle Analytics with MBT
Mega Buana Teknologi (MBT) has an experienced and certified team to help you get to know Oracle Analytics more closely. Send your questions to marketing@megabuana.id for more details about Oracle Analytics.
