NAPERVILLE, Ill., Nov. 22, 2016 /PRNewswire/ -- The Department of Technology, Management, and Budget (DTMB) has announced that Forecast5 Analytics has been selected as an approved vendor of data analytics services for Michigan school districts. Pursuant to Section 102d of the 2016-17 State School Aid Act, districts have the opportunity to be reimbursed on their purchase of Forecast5 data analytics software for contracts that are in place by December 1, 2016.
Forecast5 provides an array of data rich platforms that are designed to assist with financial and strategic decisions, financial forecasting, data transparency initiatives, and geospatial analytics. More than 900 school districts in 20 states utilize Forecast5 products to serve the needs of their communities. More than 30 education associations from 15 different states have partnered with Forecast5 to promote the use of these tools to their members.
"We are thrilled to be named an approved data analytics service provider by DTMB," Forecast5 President and CEO Mike English said. "By making this funding available, the State of Michigan is on the cutting edge of what we believe will be a growing trend in K-12 education. In addition to using analytics to make sound decisions, conversations around academic return on investment and strategic forecasting can now be advanced through the use of Forecast5 technology. We look forward to the opportunity to partner with Michigan school leaders to improve opportunities for students in the state."
One Forecast5 product now available to Michigan school districts is 5Cast, a budgeting and forecasting platform that allows school finance leaders to develop multi-year financial plans using detailed general ledger data in a cloud-based software. 5Cast allows users to generate "what-if" scenarios and instantly compare the results. Powerful pre-built reports are accessible with a turnkey data transparency component to fulfill reporting requirements from the state of Michigan.
Forecast5 has also released 5Sight, its business intelligence platform that provides district leadership with access to statewide comparative data in a user-friendly, visual format. Through 5Sight, users are able to quickly generate insights across several areas of school operations for assistance with collective bargaining, budgeting, position control analysis, enrollment trends and projections, student performance analysis, and many other uses.
New to 102d funding this year is the eligibility of Intermediate School Districts (ISD) to be reimbursed for a portion of the cost of any contracts the ISD purchases on behalf of their constituent districts. ISDs and their districts can receive additional benefits by using the Forecast5 tools as part of their regional data analytics programs. In addition to the 5Cast and 5Sight products and services offered, ISDs also receive their own branded 5Share networking site for communication and data sharing as additional value. 5Share allows members to discuss relevant topics, share documents, and collect unique regional datasets for Forecast5 to convert into custom analytics.
"The service model that we have in place to support our clients and partner with organizations like Intermediate School Districts is a big part of who we are as a company," Forecast5 Senior Vice President of Sales and Engagement Scott Smith stated. "With 75 employees, including more than 20 former Superintendents and School Business Officials on staff, we not only want to make sure Michigan school districts have access to great analytic tools, but also the opportunity to partner with our experienced team in serving their communities."