Prevedere - Veteran-Owned Business of the Year
Company: Prevedere, Columbus, OH
Entry Submitted By: AR|PR
Company Description: Prevedere powers unprecedented sales and demand forecast accuracy by combining millions of global metrics, including macroeconomic factors, manufacturing activity, consumer behavior and weather, with companies’ internal performance.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Veteran-Owned Business of the Year
Nomination Title: Air Force Veteran Transforms the Antiquated Business Intelligence Model with New A.I. based Predictive Analytics solution at Prevedere
Tell the story about what this nominated organization has achieved since January 1, 2016 (up to 650 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Begin this section with the following two lines: Percentage of company owned by veterans of the U.S. armed forces (%): Percentage of company management who are veterans (%):
Rich Wagner, an Air Force veteran serving the Ohio Air National Guard with both active and inactive duty until 1993, is now founder and CEO at Prevedere, a leader in predictive analytics and business performance forecasting - and the 2015 Gold Stevie Award winner for Financial Services Company of the Year.
Following his service, Rich led IT strategy and innovation for a Fortune 500 global chemical company. In this role, he was tasked with finding out the reasons behind business performance, providing data to support future forecasts and presenting this information in a way that key business units could understand and use. There, Rich noticed a significant void in the ways companies managed financial planning and analytics. They were ignoring critical external factors and relying solely on internal historical metrics to predict future performance, which has proven to be an inaccurate model.
To help companies make more accurate forecasts, Wagner developed Prevedere, a software-as-a-service (SaaS) solution that ensures companies are looking at the right factors that drive business. Prevedere is closing the gap in inaccurate forecasting by utilizing millions of global metrics, including macroeconomic factors, global manufacturing activity, consumer behavior, online traffic and weather data within its technology solutions.
Prevedere’s target markets include businesses largely impacted by the ever-changing economy, including retail, consumer goods, construction, manufacturing and financial service industries. In 2016, enterprises such as The Hershey Company, BMW and AB InBev became clients, and realized significant improvements in the accuracy of their forecasts. Wagner raised $10 Million in Series B funding in 2016 from Norwest Venture Partners with participation from Microsoft Ventures and existing investors to accelerate Prevedere’s market adoption by global enterprises.
Wagner propelled Prevedere to join forces with Nielsen, Microsoft, Prosper Analytics, BuildFax and TekLink in 2016 to produce actionable predictive insights easier and faster than before. These partnerships heighten Prevedere’s solution and extend the company’s reach, empowering executives to make better operational decisions. Prevedere’s alliances with leading data provider companies Nielsen, BuildFax and Prosper were strategically selected based on their unique ability to deliver quality data relevant to particular industries that Prevedere serves. In addition, partnerships with Microsoft and TekLink empower companies to leverage existing systems with Prevedere’s external economic data and predictive analytics modeling. A testament to Prevedere’s value, partner Microsoft was a participant in the company’s March 2017 Series B funding raise.
ESTABLISHED INDUSTRY EXPERTISE
In 2016, Prevedere began releasing quarterly Industry Outlook Reports, detailing the projected performance of key industries 3-9 months out. Prevedere’s team of senior economists used this data to weigh in on important economic indicators in media outlets like Forbes, Market Watch, CNBC, Manufacturing Business Technology, Supply & Demand Chain Executive and Total Retail. This team has also provided critical insights to clients on economic events such as BREXIT and China’s volatile economic activities. Wagner himself has also published several articles in outlets like InformationWeek and Supply & Demand Chain Executive on the need to transform antiquated forecasting processes to include external economic data.
A key challenge facing companies is enabling executives to be able to interpret the insights provided by this data in real-time, to answer their key performance questions – exactly the challenge that Prevedere addresses with its 2016 product updates: a new global data search engine, economic risk reports and updated interface.
Prevedere was honored to have been named The Most Innovative Tech Company of the Year and won the Technical Innovation of the Year in the 2016 American Business Awards – Gold Stevie Awards. Prevedere was also a proud finalist for the 2016 CODiE award in the Best Big Data Tools & Platform category by the Software & Information Industry Association. As 2016 came to a close, Prevedere was named a “2017 Startup Expected to Boom” by reputable VC’s in Business Insider and was listed in Gartner’s 2016 Hype Cycle for Enterprise Information Management and Hype Cycle for Business Intelligence and Analytics.
In bullet-list form, briefly summarize up to ten (10) of the chief achievements of the nominated organization since January 1 2016 (up to 150 words).
-Generated 266% year-over-year growth.
-Secured $10 million Series B funding raise to support market expansion.
-Established partnerships with Microsoft, Nielsen and Prosper Analytics to heighten forecasting capabilities across many industries and more easily integrate predictive insights within existing enterprise planning processes.
-Released new global data search engine, economic risk reports and updated interface to combine predictive analytics with human intelligence to answer executives’ key business performance questions.
-100% client renewal since January 2016.
-Nearly doubled client roster since January 2016, with recent customer relationships including some of the most thriving Fortune 1000 companies, such as The Hershey Company, BMW and AB InBev.
-Expanded its staff by 100% since January 2016 to enhance its product and service offerings.