Forecast5 Announces Launch of New Financial Forecasting EngineFebruary 15, 2015
FOR IMMEDIATE RELEASEContact: Eric Smith, Strategic Partnership Director
Forecast5 announced the pending release of its latest version of 5Cast™ to the public sector market. 5Cast is used by local governments for budgeting and building multi-year financial forecasts. The product is part of a suite of analytic and collaboration applications offered by Forecast5.
NAPERVILLE, Ill. (February 18, 2015) — Forecast5 Analytics, Inc. announced the pending release of its latest version of 5Cast™ to the public sector market. 5Cast is used by local governments for budgeting and building multi-year financial forecasts. The product is part of a suite of analytic and collaboration applications offered by Forecast5.
“Forecast5 was founded on the concept of providing schools, cities, and county governments the tools that they need to build meaningful and accurate five-year financial forecasts,” stated Mike English, CEO and President of Forecast5. “Our team has been building and evolving forecasting models for more than 15 years, and we are really excited about the concepts that have been built into this latest version of 5Cast.”
The 5Cast application allows local governments to load financial information directly from their accounting systems at any level of accounting detail. The system stores the information in user-defined dimensions, such as, Fund, Function, Object, Location, etc. Users can introduce projection assumptions at any level of detail based on the type of analysis being performed. Results can then be modeled with a report builder, giving users the ability to pivot on any of the data dimensions. Charting and report building is provided within the application, but data and tables can also be easily exported to Microsoft Excel for further analysis or report generation.
Vladimir Dragosavljevic, Chief Product Officer of Forecast5, explained how clients are utilizing the new tool. “By integrating 5Cast with local government accounting systems, we have created an opportunity for our clients to gain more insights from their accounting data. Clients can use 5Cast for multiple purposes, including analyzing revenue and expense trends, developing budgets and creating multi-year financial forecasts. The application also provides a powerful and efficient way to simulate budget scenarios for informed decision making.”
5Cast allows users to build and manage multiple “what-if” scenarios and compare the results of the projections. A powerful database engine returns the results of complex comparisons with speed and accuracy. “You would have a difficult time trying to replicate the scenario analysis offered by 5Cast in an application like Excel. The 5Cast database engine allows users to manage tremendous amounts of information and keep the results organized. 5Cast users can use the system to model scenarios for their governing boards and return answers quickly and confidently,” English said.
Forecast5 has been working with current forecasting clients to introduce them to the new application and will then transition into the marketing and sales process for the broader market in April 2015.
For more information on 5Cast, please visit http://www.forecast5analytics.com/product/5-cast.
Forecast5 Analytics provides powerful analytic tools to help local government leaders drive financial and strategic decisions. The Forecast5 platform includes four primary applications including business intelligence, geo-analytics, forecasting and business collaboration. For more information, visit www.forecast5analytics.com.