Business forecasting involves forecasting tools and techniques to help businesses predict certain developments, such as revenue, sales, and growth. Through analytics, data, insights, and experience, business forecasting provides organizations with the information they can use to improve their decision-making.
Business forecasting has the process of analyzing time series data using statistics and modeling to make predictions. It involves building models through historical analysis and using them to make observations and drive future strategic decision-making. An important distinction in forecasting is that at the time of the work, the future outcome is completely unavailable and can only be estimated through careful analysis and evidence-based priors.
Sales Forecasting
Within all supply chains lies the question of planning. The better we evaluate the future, the better we can prepare ourselves. The question of future uncertainty, how to reduce it, and how to protect yourself against this unknown has always been crucial for every supply chain.
Yesterday, big companies provided forecasting software that allowed businesses to use a statistical forecast as the backbone of their S&OP process. These statistical forecast models were proposed many years ago and haven’t
changed much since.
Today, things have changed. Thanks to the increase in computing power, the inflow of data, better models, and the availability of free tools, one can make a difference. We can make a difference. With a few coding skills and an appetite for experimentation, powered by machine learning models, we will be able to bring to any business more value than any off-the-shelf forecasting software can deliver.
Tomorrow, demand planners will have to learn to work hand-in-hand with advanced Machine Learning-driven forecast models. Demand planners will be able to add value to those models as they understand the Machine Learning shortcomings.
Our sales forecast consulting service help enterprise to develop a modern practice for today and tomorrow requirements.