Forecast Solutions was set up in 2005 with the mission of helping companies with all aspects of demand analysis and sales forecasting. The work includes forecast accuracy measurement and improvement, training courses and workshops, stock planning, weather sensitivity analysis and econometric modeling.
The business is headed by Douglas Green BSc, a specialist sales forecasting and demand planning consultant and a member of the
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going forward. If promotions have occurred frequently in the past, a good option is to try to build promotional profiles through analysis of previous promotions. Otherwise a more manual approach may be needed. Sometimes it is helpful to keep the promotional forecast separate from the baseline.
is an essential element in sales forecasting for many businesses and can sometimes dominate the forecasting task. Seasonal analysis becomes harder as the data becomes more detailed, so it is often useful to use a GSI (group seasonal indices) approach.
Improved forecast accuracy is vital in short term sales forecasting leads in order to lower stock levels, reduced operational costs and provide better customer service. For medium term forecasting, such as that needed for sales and operations planning, an accurate forecast is essential for best business and financial planning.
In a program for forecasting process improvement the first step is usually to understand current methods and assess how successful they are in meeting business objectives. Measurement of current forecast accuracy will play a part , together with exploration of potential gains in accuracy that might be achieved from forecasting process improvements.
The aim then is to identify improvements that can be made involving the forecasting infrastructure, methods and processes, with a view to improved forecast accuracy going forward. If there is significant benefit to be achieved by consideration of new or improved forecasting software, Forecast Solutions is well placed to help.
In a fully outsourced service, specialist econometrics and forecasting software is brought to bear to provide a baseline statistical forecast that can then be reviewed and modified by those in the business with detailed commercial knowledge.
To explore how Forecast Solutions can help your business call 01844 291942 or email [email protected].
Forecast Solutions Planning Ltd
