Trending...
- FoodNiche Health Forum Announce Awards Recognizing Global Leaders Enhancing Health In Communities Through Food Initiatives & Innovation
- Electives Appoints DraftKings' CPO Linda Aiello to Board Amid Record Quarter
- Supporting Boston's Museum of African American History
CHARLOTTE, N.C. - BostonChron -- The International Institute of Forecasters (IIF) is pleased to announce Wayfair as the winner of the 2025 IIF Forecasting Practice Competition. The winner, Wayfair, receives the prestigious IIF Award for the Impact of Forecasting in Practice, along with a $10,000 prize.
The IIF Award for the Impact of Forecasting in Practice recognizes businesses and institutions that demonstrate significant impact through the application of forecasting and contribute to the forecasting community. This year's competition, the first of its kind for the IIF, showcased outstanding examples of forecasting in practice.
Entries were open to companies and institutions, with teams of up to five contributors. Finalist teams were required to attend the Foresight Practitioner Conference in person for the Final Round and will submit details of their methodology and impact for publication in a special issue of Foresight: The International Journal of Applied Forecasting. An impact statement from an executive of the organization was also required.
More on Boston Chron
Applications were evaluated based on five key criteria:
More on Boston Chron
Wayfair's application was based on their internal demand forecasting system, Demetra, which produces monthly demand forecasts over a 1 to 18 month horizon at the product level across the US, for millions of products. Compared to Wayfair's legacy model, Demtra reduced forecast root mean squared error from 10% to 2%, reduced forecast bias from 7% to 2%, and reduced forecast refresh time from 22 days to 5 days, driving financial impact to the company in the tens of millions of dollars.
The 2025 Competition Committee was chaired by Chris Fry and co-chaired by Pierre Pinson, with members Matthew Schneider, Len Tashman, and Elaine Deschamps. The Adjudication Panel included the committee members along with Nikos Kourentzes and Tao Hong.
About the International Institute of Forecasters
The International Institute of Forecasters (www.forecasters.org) is dedicated to promoting and improving the science and practice of forecasting. The IIF provides resources, conferences, and publications for forecasters worldwide.
The IIF Award for the Impact of Forecasting in Practice recognizes businesses and institutions that demonstrate significant impact through the application of forecasting and contribute to the forecasting community. This year's competition, the first of its kind for the IIF, showcased outstanding examples of forecasting in practice.
Entries were open to companies and institutions, with teams of up to five contributors. Finalist teams were required to attend the Foresight Practitioner Conference in person for the Final Round and will submit details of their methodology and impact for publication in a special issue of Foresight: The International Journal of Applied Forecasting. An impact statement from an executive of the organization was also required.
More on Boston Chron
- How to Fast-Track Your Way to the Top with The Code
- Lyricalmar Set To Release Powerful New Ep "MARCHIVES" May 16
- Charleston, SC - ACSEC offers Rain Barrels Through Annual Program
- Greek Government Issues Landmark Ministerial Order Addressing Citizenship of Greek-born adoptees
- Boston: Bridging the Digital Divide by Embedding Digital Skills in Workforce Development
Applications were evaluated based on five key criteria:
- Impact to the business or institution, including quantifiable value-add and cost considerations.
- Impact on the forecasting community through advancing technology, sharing best practices, and publications.
- Degree of technical and/or organizational challenge overcome.
- Role of forecasting in the solution and the portion of value-add attributable to forecasting.
- Style and quality of the application and presentation.
More on Boston Chron
- Baltimore Author Crafts Space Opera Where Human Questions Outshine Galactic Scale
- Stout Surpasses 60,000 Acres and 3 Billion Plants Scanned
- OpsVeda Announces Launch of TariffSight, the World's First Comprehensive Platform to Address Tariff-Driven Challenges
- MAJOR New release of Krypto500 (ELF-HF) Sigint - COMINT software
- New Build-to-Suit VA Medical Office Facility Coming to Highland Heights, KY
Wayfair's application was based on their internal demand forecasting system, Demetra, which produces monthly demand forecasts over a 1 to 18 month horizon at the product level across the US, for millions of products. Compared to Wayfair's legacy model, Demtra reduced forecast root mean squared error from 10% to 2%, reduced forecast bias from 7% to 2%, and reduced forecast refresh time from 22 days to 5 days, driving financial impact to the company in the tens of millions of dollars.
The 2025 Competition Committee was chaired by Chris Fry and co-chaired by Pierre Pinson, with members Matthew Schneider, Len Tashman, and Elaine Deschamps. The Adjudication Panel included the committee members along with Nikos Kourentzes and Tao Hong.
About the International Institute of Forecasters
The International Institute of Forecasters (www.forecasters.org) is dedicated to promoting and improving the science and practice of forecasting. The IIF provides resources, conferences, and publications for forecasters worldwide.
Source: International Institute of Forecasters
Filed Under: Business
0 Comments
Latest on Boston Chron
- Local Commitment, National Expansion
- DDS Acoustical Specialties Celebrates Milestone Year with Strategic Growth and Leadership Changes
- S2C and Andes Technology Announce FPGA-Based Prototyping Partnership to Accelerate Advanced RISC-V SoC Development
- CCHR Florida to Host a Veteran Advocates Networking Event
- Students Celebrate Earth Month and Learn About the Lifecycle of Trees
- Supporting Boston's Museum of African American History
- Boston: City Council Votes to Support Home Modification Grants for Elderly and Disabled Individuals and Their Caregivers
- Electives Appoints DraftKings' CPO Linda Aiello to Board Amid Record Quarter
- Blue Ocean Business School's Deputy Dean Delivers Keynote Address at India Blockchain Summit
- AdvisorVault's Consolidated 17a-4 D3P Service® Full Feature Set Available
- Most Common Car Accidents In America
- Co-Creating the Future of ePaper: ZKONG and E Ink at Touch Taiwan 2025
- New York Times Exposé Vindicates CCHR: ADHD Isn't Biological, Says Watchdog
- Marilyn Bevans Honored at Boston Marathon on Fiftieth Anniversary of Her Historic Race
- HISTORIC FIRST The First Belief System In Human History To Formally Enshrine The Innate Divinity Of The Infant As Civilization's Central Moral Axis
- Stuck in Place? Why Homeowners Are Building Up Instead of Moving Out
- Crafting the Sound of VS Pop™: The Vision of CR Srikanth
- Boston Industrial Solutions, Inc., introduces Rubber and Foam Printing Ink
- Boston: Honoring Earth Day
- Boston: Mayor Wu Announces Return of Playoff Hub on Canal Street