southampton

Sven F. Crone is an Assistant Professor in Management Science at Lancaster University, UK, where his research on business forecasting and time series data mining has received international recognition in international journals including EJOR, JORS, and IJF. As the co-director of the Lancaster Research Centre for Forecasting, one of the largest research units dedicated to forecasting and analytics, he and his team regularly take state-of-the-art research in artificial intelligence and machine learning and apply it in corporate forecasting practice, including artificial neural networks to forecast beer demand for AnheuserBush InBev, container traffic for Hapag-Lloyd or sun-tan lotion for fast-moving consumer manufacturer Beiersdorf AG. Sven frequently provides in-house training courses on forecasting and analytics for companies, the IBF and IEEE, and has been a regular conference speaker, including keynotes at SAS Analytics A2013, IEEE Rockstars of Emerging Technology 2016, Predictive Analytics World’16 Germany, BAFI’14 and UK KDD’09. Sven is also the founder and CTO of iqast, a university spin-of company that is pioneering the applying of artificial intelligence and machine learning in time series prediction.

TITLE OF TALK: The Rise of Artificial Intelligence in Forecasting? Real Success Stories of Forecasting with artificial Neural Networks

ABSTRACT: With more and more data becoming available, Artificial Intelligence (AI) and Machine Learning (ML) for Analytics are the latest hot topics pushed by the media, with companies like Facebook, Google and Uber promising breakthroughs in areas such as speech recognition and predictive maintenance. However, in the forecasting world, reality looks very different. An industry survey of 200+ companies shows that despite substantially growing data sources, most companies employ very basic statistical algorithms from the 1960s, and even market leaders have been slow to adopt intelligent algorithms to enhance planning decisions. This reveals a huge gap between scientific innovations and industry capabilities, with opportunities to gain unprecedented market intelligence being missed. In this session, we will highlight examples of how industry thought leaders have successfully implemented artificial Neural Networks and advanced Machine Learning algorithms for forecasting, including FMCG Manufacturer Beiersdorf, Beer Manufacturers Anheuser Bush InBev, and Container Shipping line Hapag-Lloyd. I will leave you with a vision not of the future, but of what’s happening now, and how it is revolutionizing your field.

Key learnings: (1) What Artificial Intelligence and Machine Learning are, how they work, and their relevance to forecasting; (2) Real case studies of AI and ML algorithms employed by leading manufacturers; (3) The power of forecasting algorithms that learn, adapt to context and find hidden insights.