Report: How Singapore’s National Library Board is Utilizing Analytics To Forecast Demand
From FutureGov Asia:
The National Library Board (NLB) used analytics to improve accuracy in forecasting patrons’ demand by 60 per cent, reducing waiting time for popular books and frequency of patrons not being able to find the book they want.
The solution analyses NLB’s loan data to generate unrestricted, rolling forecast numbers for new titles, existing titles and for unmet demands such as patrons who fail to checkout a book on their visit. Each forecast is individually calculated using statistically optimised parameters to provide up-to-date projections.
“Through the SAS Demand-Driven Forecasting solution, we are able to analyse past patron and circulation data, and turn these data into useful insights to guide our acquisition decisions,” commented [Colin] Seow [Manager of Resource Management]. “Our librarians’ experiences combined with our expertise in analytical insights have increased our ability to make acquisition decisions with greater accuracy.”
About Gary Price
Gary Price (firstname.lastname@example.org) is a librarian, writer, consultant, and frequent conference speaker based in the Washington D.C. metro area. He earned his MLIS degree from Wayne State University in Detroit. Price has won several awards including the SLA Innovations in Technology Award and Alumnus of the Year from the Wayne St. University Library and Information Science Program. From 2006-2009 he was Director of Online Information Services at Ask.com. Gary is also the co-founder of infoDJ an innovation research consultancy supporting corporate product and business model teams with just-in-time fact and insight finding.