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Sales forecasting and forecast accuracyimprovement by UK based consultant |
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Sales Forecasting and Demand PlanningForecast Solutions experts work with FMCG, pharmaceutical, construction and industrial companies to improve sales forecasting, demand planning and sales forecast accuracy. Both small and large projects are undertaken. In a sales forecasting improvement programme current sales forecasting processes and methods are examined to assess how successful they are in meeting current business objectives. Measurement of forecast accuracy is likely to be a key part of the investigation. Improvements may involve process, demand forecasting methods, techniques, operations or forecasting software. Sales forecasting and demand planning training courses and workshops are offered. Forecasting courses aim to improve understanding of basic approaches, including subjective methods, causal / econometric modelling and time-series projection. Demand planning courses also include aspects of stock policy, forecasting techniques for sales and operations planning and collaborative forecasting. Hopefully it will be possible to utilise existing sales forecasting software in the drive towards improved demand forecasting and forecast accuracy. However, there are times when a simple solution in Microsoft Excel may be useful, or expert help can be given with the specification and selection of specialist demand forecasting and planning software. If internal resource is not available, Forecast Solutions can fill the gap by providing an expert remote sales forecasting service. Specialist forecasting software is used to provide a baseline statistical forecast that may then be reviewed and modified by those in the business with detailed commercial knowledge. Forecast Solutions services • Sales
forecasting
and forecast accuracy improvement Many sales forecasting systems, of course, rely on the simple techniques of time series projection, thus analysing sales trends and seasonal patterns in the history and projecting into the future. Although these methods make the sometimes dangerous assumption that current patterns will continue into the future, they may be the best alternative available. Both curve fitting and the commonly used exponential smoothing methods fall into this category. In sales forecasting the most effective techniques 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.In all forecasting systems, forecast accuracy is paramount. Improved forecast accuracy in the short term sales forecast 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 including sales and operations planning. • Forecast accuracy • Weather sensitivity • Causal econometric modelling • Short term sales forecasting and planning • Demand forecasting for sales and operations planning UK Consultants & Consultancies - List of independent consultants and consultancies. |
