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Sales forecasting and forecast accuracyimprovement by UK based consultant |
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Forecast accuracyDemand planning
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Sales Forecasting and Demand PlanningForecast Solutions works with FMCG, pharmaceutical, industrial and supply chain companies to improve sales forecasting and demand planning. Improved short term sales forecast accuracy leads to lower stock levels, reduced operational costs and better customer service. Accurate medium term demand forecasting is essential for effective medium range business planning and to drive a successful sales and operations planning procedure. Many years of practical experience are called upon to deliver improvement through demand analysis and the provision of training and advice on methods, techniques and procedures for sales forecasting, demand planning and stock control. If demand is sensitive to external factors such as weather, relative pricing or economic indicators, it may be an important first step to carry out a causal analysis. For example, a price sensitivity or weather sensitivity analysis can be an important step towards an improved demand forecasting and planning solution. Forecast Solutions services • Sales
forecasting
training courses In sales forecasting the most effective methods may vary depending on the time horizon involved. In medium to long range forecasting, such as for sales and operations planning, it is important to reflect product life cycles and expected changes in the competitive and technological environment. On the other hand short term demand forecasting and planning is more to do with detailed tracking and management of short term demand in order to minimise inventory and maximise customer service. The emphasis in sales forecasting varies with the type of industry. FMCG companies typically forecast in weekly time buckets, but for many industrial or pharmaceutical companies the monthly time bucket is often adequate. The planning time horizon for businesses such as pharmaceuticals is usually long, so curve fitting to reflect medium to long term trends and product lifecycles may be more useful than the exponential smoothings methods that are typically used for shorter term demand forecasting. • Short term demand forecasting and planning• Forecasting for sales and operations planning and budgeting |
