AI Augmented Commodity Price Forecasting

This article is the first in my series of articles aimed at'Commodity Price Forecasting' which will cover the business aspects and need for commodity price forecasting. Commodity price forecasting tends to play a critical role in the strategic plan of procurement and pricing of products that rely on these commodities as raw materials. Forecasting empower the planners to make data-driven decisions, reduce pricing-related risks, and proactively manage suppliers while minimizing disruption in the supply chain because of price volatility. For manufacturing heavy companies, raw material bulk procurement can be upwards of 50% of cost of running the entire business. Hence, the need for accurate price forecasting for business to make more informed pricing decisions has become more important.