If you are looking to use your Excel spreadsheet program for more than just number crunching, Microsoft has assured that a new add-on for the app is here and it will help businesses create better forecasts with the help of machine learning and AI.
Simply put, it is called ‘Business Assist – Forecast in Excel.’
In a post on the Microsoft 365 Insider blog made recently, the company offered new insight on the new Excel Office Add-in program called Business Assist – Forecast.
The blog describes the add-in in the following manner:
Save time spent forecasting and analyzing historical data and trends with Business Assist – Forecast in Excel, which uses artificial intelligence and machine learning. This tool helps the user to quickly and confidently review volume-based future support volume based on historical data.
Customer service leaders, managers, and agents can reliably predict service-call volumes to manage staffing levels. Staff can help reduce their organization’s help desk costs and provide great customer experience with the help of Microsoft Support.
It gives organizations the confidence needed in building in their data!
How to use the Business Assist – Forecast in Excel
Excel users can simply launch the app, go to the Home selection, and then the Add-ins option. They can then find the Business Assist – Forecast add-in program and click the Add button next to it to install it. It’s available now in the following Excel versions:
Excel for the web
Excel 2013 for Windows
Excel 2016 for Windows
Excel for Windows (Microsoft 365 subscription)
Excel 2015 for Mac
Excel for Mac (Microsoft 365 subscription)
Once Excel is opened and the add-in is installed, the user can import data into the Date and Volume fields.
He or she can then launch the Business Assist – Forecast add-in and select both the Forecast end date and Seasonality options on the right side of the app. Next is to click on the Run Forecast option.
Once that’s done, there should be two new Excel spreadsheets:
Predictions: Contains the forecast, as well as low and high values.
Chart: Displays the forecast value and prediction graphical chart.
According to Microsoft, Excel users with the Business Assist – Forecast add-in can use it to forecast volumes on a daily basis, along with weekly options and monthly forecasts for up to six months.