Bringing in the Haul
Let us pretend that you manufacture those Live, Laugh, Love signs. (If you actually do, then this example will be specially tailored for you.)
You have your own way of doing it in your factory, because you have very high standards for creating end products. There are a whole lot of Live, Laugh, Love signs out there on the market, many of them amateurish stuff.
Your high standards have led to the use of some particularly expensive commodities in the manufacturing process, especially the Indian Sandalwood tree, considered by plenty of experts to be the most expensive tree to get one’s hands on. But quality is not cheap, and you sacrifice an entire Sandalwood per Live, Laugh, Love sign.
By the time the world-class wood-whittlers have transformed the Sandalwood into a template for those three wise words, you have already spent quite a bit of money. Yet, when you see the immortal phrase painted on by the skilled team of art majors (they have to do something with that degree, right?), you realize, looking at the finished project, that it was all worth it.
Lucky for you, business is steady, but cutting a profit is not the easiest thing in the world, especially in a market where people will happily spring for the cheapest option rather than works of consummate craftsmanship.
Bar none, the biggest factor in deciding whether your business stays afloat or not is getting the right price for those luxurious sandalwoods. Unfortunately, the wunderkind MIT intern you have doing around-the-clock calculations about the price of sandalwoods on any given day is about to head back to school, which is creating a lot of anxiety for you.
Artificial Intelligence Creates Accurate Daily Predictions
Luckily, there is a solution, and it is artificial intelligence. Though you may cherish the human touch for your products, when it comes to prediction, the highest level of precision and accuracy, not to mention thought and care, that goes into commodity price prediction can only be accomplished by a machine learning agent, which not even the most gifted MIT student can match.
Our exaggerated example about Sandalwood Live, Laugh, Love signs may strike you as silly, but that is only on the surface, because a deeper truth underlies it all, which is that if a manufacturer does not value getting the right price for the products essential for its operations, and that oversights in that department can add up, sometimes over months, sometimes over years, and lead to bad business, or even outright failure.
So, taking commodity price prediction seriously can save your business, seriously. Using AI for this solution is the best way to get the best prices on commodities. Prediction platforms like Findability Sciences’ Predict+ have been found to create predictions for raw materials used in manufacturing with up to 99% accuracy.
Don’t believe us about that insanely high percentage of accuracy? A reputed multinational corporation, involved with international trade and financing of commodities, sought out Findability Sciences for their AI-powered prediction services. What resulted was, yes, 99% accurate predictions for the price of aluminum on the London Metal Exchange.
This service can be extended to so many commodities, including Sandalwood if you are really that serious about the quality of your home decor.
What the prediction platform does is take market data from a variety of sources, such as the stock market price fluctuations, historical trends in commodity prices, the relationships between different commodities’ prices—in short, voluminous amounts of data relating to commodity exchange prices are paired with equally impressive data about macroeconomic conditions to create incredibly accurate predictions about the daily highs and lows of your chosen commodities.
Plug In the AI and Enjoy the Results
The nice thing about AI solutions is that it involves little to no human expertise or intervention in the creation of predictions. When you outsource commodity price prediction to a company such as Findability Sciences, you do not need to worry about operating the AI prediction platform because, true to the name “AI,” the platform does its own reasoning, independent of your supervision.
In short, a commodity prediction platform creates predictions for whatever raw materials you use in your manufacturing process. These predictions can be daily, meaning they give you predictions for prices a day in advance, so that you can know when to spring and buy whatever it is you need to make the products you specialize in, at the lowest possible price.