The Metric Forecast is a powerful tool that allows you to predict the performance of your Metrics for different time periods. Based on historical data, seasonality, and machine-learning models, Databox's forecasting methodology calculates forecasting values with a high degree of accuracy so that you can make data-driven decisions to achieve your goals and stay ahead of your competition. Learn more about Databox's Forecasting Methodology here.
Pro Tip: For additional information about the value of Forecasts in your business, learn more here.
Metric Forecasts feature is available on the Growth and higher plans. Request a trial of Metric Forecasts by following these steps.
HOW TO
How to access Metric Forecasts
Navigate to Forecasts to access Metric Forecasts.
How to use Metric Forecasts
- A) Metric: Select the Metric from the Metric drop-down list. You can filter out metrics for a specific Data Source using the Data Source drop-down. You can further filter the metric's results by using the Metric type drop-down to select between Favorite, Popular, Basic, Custom, and Calculated Metrics.
Pro Tip: Forecasting cannot be done for Metrics that don’t have sufficient historical data. To generate a Metric Forecast, you need to have 12 months of historical data for that metric.
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B) Forecasting Period: Select the Period that you would like to see the Metric Forecast for by using the drop-down arrow on the top right-hand side. You can select the Forecasting Periods of This month or This year, or you can select a custom forecasting period by entering the Number of months.
Pro Tip: Forecasted data can be displayed on the chart for a maximum period of 24 months.
- C) Historical Period: You can see historical data on your chart by entering the number of months in the Previous x months text box.
Pro Tip: Historical data can be displayed on the chart for a maximum period of 24 months.
- D) Settings: Click the Settings icon to open the settings window, where you can make the following changes:
- Graph by: For chart visualizations, you can select the granularity that you'd like to view your data for. Graph by: Day will plot daily data on the chart, Graph by: Month will plot monthly data on the chart, etc.
Pro Tip: Weekly granulation is not supported if your first day of the week is not set as Monday. Learn how to set your first day of the week here.
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- Cumulative: Use the toggle to determine whether the Chart will display a cumulative chart.
- E) Data Story: The Data Story includes dynamic data with complementary text in order to explain the Metric Forecast. This data is based on your forecasting settings.
- F) Forecasted Value: This shows the Forecasted Value of your selected Metric.
- G) Current Value: This shows the Current Value of your selected Metric.
- H) Forecast Options: Select these check boxes to display the following lines on your chart:
- Current: Current line is displayed as a solid blue line on the chart, and it shows your historical data of the selected Metric.
- Forecast: The Forecast line is displayed as a blue dashed line on the chart.
- Forecast (upper): The Forecast (upper) line is displayed as a green dotted line on the chart. Based on the forecast, this shows the highest point your Metric performance can reach.
- Forecast (lower): The Forecast (lower) line is displayed as a red dotted line on the chart. Based on the forecast, this shows the lowest point your Metric performance can reach.
Pro Tip: The color of the Forecast (upper) and Forecast (lower) line depends on the Metric Favorable Trend. This means that if trending up is favorable the Forecast (upper) line will be green and the Forecast (lower) line will be red and if trending down is favorable the Forecast (lower) line will be green, and the Forecast (upper) will be red.
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- Goal: If you have set a Goal for your selected Metric, it will be displayed on the chart as a gray, solid line. You can compare the Forecasted performance of the Metric with the Goal. Learn more on how to set Goals here.
How to create Metric Forecasts [Example]
- Navigate to Forecasts to access Metric Forecasts.
- Click on the Metric drop-down list to select the Metric for your Metric Forecast. You can filter out metrics for a specific Data Source using the Data Source drop-down. We'll select HubSpot Marketing as the Data Source and Sessions as the Metric.
- Select the Forecasting Period that you would like to see the Metric Forecast for by using the drop-down arrow on the top right-hand side. We will select a custom forecasting period of Next 6 months and click the blue Apply button.
- Next, we will select the historical period to see the historical data on the chart by entering the number of months. We want to see data for the last 3 months, so we will type Previous 3 Months.
- Open the settings to select the granularity you would like to see your data for and the chart Cumulative option. The chart setting already shows monthly data on the chart by default and the chart is cumulative, so we won't make any changes to the Graph by: Months and Cumulative settings.
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Read the Data Story that explains your Metric Forecast based on your settings. Our Data Story tells us what the Forecasted Value for Sessions from HubSpot Marketing is expected to be in the next 6 months, as that is the Forecasting Period we have selected. It also tells us the percentage increase we can expect in comparison to the Current Value and the different between the Current Value and the Forecasted Value.
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Select the Forecasting lines that you want to display on the chart. We only want to see Current, Forecast, Forecast (upper) and Forecast (lower) so we will unselect the Goal checkbox.
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Next, we want to see what the Metric Forecast is expected to be in August 2023, so we will hover over August on the Chart to view the Forecast Values.