More than 60 % of all digital projects fail or exceed budget. The founding team behind Forecast is the first to integrate project management with machine learning. This integration of technology enables companies to predict timeframes on projects like never before.
The American non-profit organisation Project Management Institute released a report in 2016 stating that for every billion dollars spent on project management 122 million are lost due to poor project management. Forecast wants to change exactly that.
“We see it all the time with large projects. If the budget does not hold up, more money is thrown into the project. Forecast is a machine learning system, which ensures that projects are predictable, profitable and are completed on time.” Says Co-founder and CEO of Forecast Dennis Kayser.
The idea for Forecast was born while doing a school project for Nordea. Four computer science students at University of Copenhagen came up with the idea to create Forecast. However, the four hopeful students, who later became founders of Forecast, wanted to experience the real world first. CEO Dennis Kayser started his career at IBM being a part of their top talent program and top 1 % of their consultants.
Forecast already has Nets, Groupon and Pentia in their portfolio of customers and they are currently rolling out the newest version of their product. More than 700 companies are on the waiting list to try out their product.
Despite many years of experience with estimating projects, Nets still needed a tool to gather information about former project experiences. With support from McKinsey, Nets started looking for a potential solution. They ended up choosing Forecast due to the highly data-driven solution and the fact that Forecast easily integrates with other tools that project managers typically use.
“Forecast has enabled me to get rid of troublesome Excel spreadsheets. With the Forecast solution I can quickly find the data I need. After implementing Forecast, our ability to predict timeframes on projects has gone from 55% to 90%”. Says Michael Andersen, Project solution & Estimate lead at Nets.
On the Board of Forecast sits our Investment Manager Peter Egehoved, IT-veteran Peter Perregaard, CMO at E-conomic Troels Skjelbo, IT-entrepreneur Rasmus Aaen Madsen, COO at iMotions Jens Karstoft and naturally CEO Dennis Kayser.
“Forecast solves a major problem, that many companies face. The intersection between enterprise software and machine learning has solid potential of raising funds as the landscape looks right now. The founding team is also highly competent both technically and commercially. The market for project management software is estimated at DKK 17 billion and has an annual growth rate of over 30%. AI and Machine learning is simply changing the way we do business.” Says our Investment Manager, Peter Egehoved.
Forecast is already generating a profit and employs 14 employees from Denmark, Poland, Spain, France and Argentina.
How Forecast works
Forecast automatically ties a company's business data together and by that gives a full 360 degree real-time look into the company’s project portfolio. Forecast uses artificial intelligence to learn, understand and analyze from all of the company’s project related data that is already available in their existing systems. The technology enables any company to get an all present virtual project assistant who has full knowledge of all of the company’s previous projects. Sort of acts like an all-seeing project assistant with a math degree on steroids. By doing this Forecast can help make the hard decisions before they become serious and expensive problems. For more information see www.forecast.it
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