If you are looking to use your Excel spreadsheet program for more than just number crunching, Microsoft has announced a new add-on for the app that will help businesses create better forecasts with the help of machine learning and AI.
In a post on the Microsoft 365 Insider blog, the company revealed the new Excel Office Add-in program called Business Assist – Forecast. Here's how the blog describes the add-in:
Save time spent forecasting and analyzing historical data and trends with Business Assist – Forecast in Excel, which uses artificial intelligence and machine learning. It helps you 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. Help reduce your organization’s help desk costs and provide great customer experience, with the help of Microsoft Support. Be confident in your data!
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, you can import your data into the Date and Volume fields. You 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. Then just click on the Run Forecast option.
Once it'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.
Microsoft says that 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.
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