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Forecasting software that will effectivelysupport forecast accuracy improvement |
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Sales forecasting softwareWhen substantial investment has already been made in demand forecasting software then clearly the first course of action is to strive to improve the use of existing software to improve forecast accuracy. At the end of the day, however, forecasting software should support the sales forecasting process, not dictate it, so there may come a time when a review is necessary. If the forecasting is currently carried out in Excel, improvements may be possible, or specialist forecasting software can be considered. Solutions in Microsoft ExcelCertain solutions can be delivered in Microsoft Excel. For example, it is straightforward to deliver the results of causal demand forecasting models in standard Excel, with templates for updating historical data for company sales and for any causal factors involved.A solution can also be provided in Excel for time series models provided the number of forecast lines is not too great and the need is for a straightforward demand forecasting system. Your company data is analysed, then appropriate sales forecasting models are implemented in Excel. As historical data is updated, forecasts adapt in line with the chosen model and there is a management override facilty. There is no need for any particular knowledge of forecasting technique or specialist forecasting software training. Forecasting softwareThere is a point at which increased complexity and the need for a more sophisticated approach triggers the need for specialist forecasting software.The first stage is necessarily to understand the business requirements for sales forecasting and the software and methods that are currently employed. Then it should be possible to scope out the forecasting system in terms of levels of detail, time horizons, the range of forecasting methods likely to be useful, types of user and the interfaces that are needed with other systems. Then a software requirement can be drawn up and agreed through the business. Potential suppliers can then be identified and a short list drawn up. Forecast Solutions can participate as necessary with supplier meetings and demonstrations. However, the final choice of any forecasting software lies with your company. •
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