Anaplan, which offers cloud planning and forecasting applications, is launching a new framework called PlanIQ integrates machine learning from Amazon Web Services' Amazon Forecast managed service with its predictive algorithms.
PlanIQ with Amazon Forecast takes Anaplan's calculation engine and integrates it with AWS' machine learning and deep learning algorithms. The idea is that a broad base of customers can generate forecasts without data scientists to configure, deploy and operate.
Anaplan offers finance, sales, supply chain, workforce and marketing planning for industries such as banking, consumer products, insurance, healthcare, retail and technology. Anaplan PlanIQ with Amazon Forecast can be used for operational planning for finance teams, demand planning, sales planning and workforce costs.
For the second quarter ended July 31, Anaplan delivered revenue of $106.5 million, up 26% from a year ago, with loss of 26 cents a share. Anaplan is projecting revenue of $437 million and $439 million for fiscal 2021.
Amazon Forecast was launched at AWS re:Invent in 2018 as a way to generate forecasts for retail demand, revenue, travel and Web traffic. Amazon used the technology to forecast demand on Amazon.com.
The Anaplan-Amazon Forecast integration is likely to be a win for both companies. Anaplan gets a broader range of customers via AWS, which in turn gets access to more vertical deployments. Meanwhile, customers are looking for help in predicting demand during the COVID-19 pandemic with better accuracy and frequency.
"When I take a step back and look at what has changed compared to a year ago and how the enterprise cloud planning landscape has evolved, what stands out to me is the rapid change that the global pandemic has forced upon businesses. This endless pace of change has become unrelenting, and the need for a connected platform is playing out," said Anaplan CEO Frank Calderoni on the company's second quarter earnings conference call.
Anaplan PlanIQ with Amazon Forecast is available for early adopters in October.