OMEN: Promoting forecasting support systems

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Authors Ilektra Skepetari, Evangelos Spiliotis, Achilleas Raptis, and Vassilis Assimakopoulos
Journal/Conference Name 36th International Symposium on Forecasting Forecasting Systems
Paper Category
Paper Abstract Nowadays, forecasting is of utmost importance when it comes to planning, which is the backbone of every successful company. In order to help companies in their forecasting and decision-making procedures, many Forecasting Support Systems have been developed through the years. While these systems can be proven quite helpful in general, it seems that they tend to be deficient both in technological and methodological aspect. In the present paper we indicate that the main vulnerabilities of typical ’off-the-shelf’ solutions are their limited customizability, non web-based architecture and poor user interface, although outdated methods and lack of the judgmental component are also issues of significant importance. We also make some suggestions regarding the way a system can be involved and set open-source solutions as a key parameter for dealing with all the problems mentioned above. In this respect we present OMEN, a fully customizable web-based forecasting tool which uses exclusively open-source solutions and a modern interface to support companies and practitioners. The feautures of OMEN are used to demonstrate the advantages of its principles and structure and all its modules, including data mining, data pre-processing and forecasting, are exposed to promote changes in modern Forecasting Support Systems.
Date of publication 2016
Code Programming Language JavaScript
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