Prevedere announced the availability of their newest service offering focused on Economic Scenario Planning. This new capability combines Prevedere’s economic expertise and data analytics platform to enable companies to better navigate the impact the rapidly changing economic conditions will have on their industry and business performance. This offering augments the way in which companies have traditionally planned their business and allows for dynamic planning models driven by the rapidly changing market conditions brought on by the COVID-19 pandemic.
“At the onset of this economic downturn, we quickly recognized that we are in uncharted territory and needed to throw out the traditional ‘recession playbook’,” said Rich Wagner, CEO of Prevedere. “Given the unprecedented nature of the current economic situation, many of our customers and partners came to us to provide a more dynamic forecasting capability driven by macroeconomic and consumer spending factors. Leveraging our solution platform, our teams of economists and data scientists were quickly able to support senior level executives at leading and mid-sized companies so they can more accurately understand the impact of the current conditions on their businesses and revise their forecasts for the remainder of this year and beyond.”
Prevedere’s Economic Scenario Planning solution enables companies to understand which economic indicators will impact their business, alerts them at the first signs of an economic inflection point, and provides foresight into the duration and magnitude of the impact on their business plans. The solution offering is comprised of three elements that can be tailored for individual companies across more than a dozen industries:
· The Watch List monitors for industry level directional changes as new data is released and identifies upcoming economic inflection points.
· “What if” Scenario Planning assesses the impact of plausible economic scenarios and identifies the potential impact on a business, through customized models that are developed by Prevedere’s team of economists.
· (Re)Planning leverages external indicators within a company’s planning models to deliver clearer guidance and accuracy on the evolving impact of the economic situation in 2020 and beyond.
“There are very few companies that have not had to adjust their forecasts and plans due to this ‘Black Swan’ event,” said Andrew Duguay, Chief Economist at Prevedere. “While it will prove to be challenging for business leaders to present a range of potential forecasts using traditional methods, our solutions provide a means of modeling scenarios for how various economic conditions will likely impact the performance of a business such that these companies can operate using more accurate forecasts and provide better guidance to their boards, investors and stakeholders.”