Have you ever felt confused by weather forecasts? Sometimes the sky is clear, and suddenly you’re caught in a downpour! The same feeling can happen when thinking about government revenue and expense forecasts. But what if we told you that Smart Galaxy Solutions – SGS has developed a system that can turn this challenge into a simple and enjoyable experience?
The Beginning: The Idea
Initially, the idea of creating a system to forecast revenues and expenses was a governmental initiative. Based on out strategic partnership with Sharjah finance Department (SFD) , we discussed the challenges in trying to estimate what they would earn and what they would spend. We offered consultations to facilitate more intelligent financial decisions. and began gathering data, Yes, more than 20 years of financial data! Imagine yourself searching for buried treasure at the bottom of the ocean. After a long journey of searching, we found what we were looking for—the data that would change the game.
The Models Used: The Magic Behind the Numbers
Instead of relying on a single model, we decided to use multiple models simultaneously. Why settle for one when we can use three? Here, we integrated three models: moving average, linear regression, and relative growth. It’s like being in a kitchen where we add various spices to achieve the perfect flavour!
•Moving Average: Analyses data through averages, like mixing ingredients for a cake to get the ideal texture.
•Linear Regression: Helps to visualize trends, like planning a roadmap for an adventure trip.
•Relative Growth: Understands how different factors interact, just as people interact at a music concert.
With these models, users can choose the most suitable option for them, whether they prefer forecasts at the government level or focusing on a specific government entity. They can even specify how many years they want to forecast, whether it for the next three, five, or even ten years!
The Interface: The Magical Dashboard
We know that numbers can sometimes be boring, so we designed an interactive dashboard filled with graphs and visuals. Users can enjoy an exciting visual experience, as if they were browsing game apps on their phones. It’s as if we’re telling them: “Don’t worry, this isn’t a boring math lecture; it’s an adventure exploring the financial world!”
User Experience: From Forecasting to Conversation But what if you’re feeling tired of all these models and graphs? No worries! You can simply talk to the data directly with no intermediary whatsoever. We added the feature to speak in human language, allowing users to ask questions as if they were talking to a friend. For example, you might say, “Hello, Can you tell me about the expected revenues for next year?” The system will process your question and return the data in a comprehensive tabular report with an option of illustrating the results as graphs.
Accuracy: The Magic Number
Yes, we love accuracy! When using all the models, the accuracy rate can reach about 89% or more. It’s like thinking that our chances of winning the lottery are good—but we won’t promise you a jackpot here!. When all this comes together, we obtain accurate forecasts that enhance the Government of Sharjah’s ability to make informed financial decisions. But, if you are an advanced financial analysis (wow), you may manipulate the selection of the available models to check how each one differ from the other.
Participating in GITEX 2024
On the other hand, We are excited to mention that system will be launched at GITEX Exhibition in Dubai, scheduled for October 14th, 2024. The Sharjah Finance Department (SFD) will have the chance to launch this innovative system in partnership with our team under the auspices of the Sharjah government.
Conclusion: Let’s Talk About the Future
In the end, we at Smart Galaxy Solutions believe that data isn’t just numbers; it’s stories waiting to be told. We’re here to help our clients transform these stories into accurate forecasts that enhance intelligent financial decision-making. If you’re looking for a way to improve revenue and expense forecasting in your organization or any other aspects, don’t hesitate to contact us. Let’s make the numbers talk.
