Systems and methods for procurement cost forecasting

A procurement cost forecasting platform comprising:

• a communication subsystem, wherein the communication subsystem communicably couples the procurement cost forecasting platform with a client device, one or more historical data sources, and an enterprise device;
• a data holding subsystem comprising instructions;
• and
• a logic subsystem, wherein, when executing the instructions, the logic subsystem is configured to:
• collect component procurement cost data of a component from the enterprise device;
• pre-process the component procurement cost data to produce screened and tested component procurement cost data;
• acquire historical data from the one or more historical data sources;
• pre-process the historical data to produce screened and tested historical data;
• determine a component procurement cost forecast for a component over a pre-determined future duration using a composite machine learning model, the screened and tested component procurement cost data, and the screened and tested historical data;
• and
• transmit the component procurement cost forecast to the client device via the communication subsystem.

A method for a procurement cost forecasting platform comprising:

• collecting first component procurement cost data for a first component from an enterprise device of a client;
• pre-processing the first component procurement cost data to produce screened and tested first component procurement cost data;
• mapping the screened and tested first component procurement cost data to a first plurality of component procurement cost forecasts using a plurality of models;
• aggregating the first plurality of component procurement cost forecasts to produce a first component procurement cost forecast;
• and
• displaying the first component procurement cost forecast to the client via a graphical user interface of a client device.