Octant AI – Predict
Octant AI is a transformational approach to forecasting project outturn cost, that harnesses the power of AI with a proven economic approach.
Octant AI Predict learns past project performance from historical data and with tailored machine learning algorithms, and creates more accurate, unbiased and faster forecasts for project management decisions. It provides dynamic cost and time forecasts from the very start of the project to project completion, matching the regular project review process.
Octant AI Predict can also be applied to improving cash flow forecasting for projects and portfolios of projects.
Customers have assessed the benefit of Octant AI as being equivalent to 1% to 2.5% of turnover as a direct bottom line improvement, potentially over $12M across a typical portfolio of $500M.
Customers who continue to suffer from projects going over budget on cost and/or time will realise value from using Octant AI.
Current best practice project management and data systems use processes that adhere to the inside view of performance and are typically optimistic.
Octant AI uses a different paradigm providing an objective and unbiased view of project outcomes. This disruptive approach to forecasting is based on proven economic theories and has been demonstrated in extensive testing. For project owners this also means no more worrying about unexpected financial burdens. Improved cash flow forecasting reduces the requirement to call on cash for unplanned over or late expenditure and having excess cash available if there is a trend of under expenditure and delayed time frames.
Data is accessed via bespoke query or a simple csv file extract and exported direct to a dedicated customer cloud location in Amazon Web Services (AWS). Our proprietary technology stack analyses the data and combines it with industry benchmark and synthetic data. It uses a tailored machine learning algorithm and provides its ML generated predictions back to customers in usable formats.
Octant AI is a graphical interface combining all relevant current data relating to portfolios and projects.
We provide AI predictions into customer dashboards. Where no dashboard is available we are able to provide our standard dashboard, which combines both the originating Business Intelligence and the predictive AI within the same environment, so all relevant information is accessible in the same location for users to access quickly.
The standard dashboard provides Octant AI forecast at a project level and rolled up for a portfolio of projects. Octant AI is a secure cloud-based solution which can be accessed globally and on mobile devices.