Forecast Pro users in the UK are always asking. We want the benefits of accurate statistical forecasting however we are not experts in exponential smoothing, holt winters but we need the projections, forecasts. Where do we start.
After you connect to the data and you are staring at a time series forecast for the first time. House sales data, incidence of cancer in the health area, tax revenues whatever it is. It is forecasted data, there is time series history preferable 2 years worth. And you need to start improving the accuracy of the forecast and begin to enjoy the benefits you signed up for in the first place. Free 30 Trial request
Here are some things you need to do. Define the forecast process, how often are you going to do it. Decide on which dataset you are going to concentrate. If Sales are the focus concentrate on sales, don't try to improve Stock at the same time. This pays off in the medium term as you will learn to interpret the results faster and understand them. Overrides are encouraged as it adds experience and knowledge to the process.
So having decided on what data to concentrate, don't get sidetracked by colleagues wanting the benefits in their area until you have built up some experience. And don't be afraid to override.
When you have done this document it. Write a little company procedures manual so that new users gain quickly from your experience. Now you are already a million miles on from using spreadsheets.
One of the trickiest topics is "What level of the data do I project at" - We will discuss this in another session or blog however there is no right answer other than it is entirely iterative. You concentrate on the level that garners the best returns and allows you time to critique the data best. There is always noise in data in all data and you need to learn to exclude this. For example, In a Sales Channel it takes time to see which level is best, Group Sales, Territory, Product, Model Range, Customers, SKU.
That's why we have agreed to provide a free Forecasting Review on your data to Forecast PRO users and people who need to improve forecast. Talk to the experts in forecasting and get a free forecast of your data: Register Now: Click here
Just like giving up smoking one day at a time.
In future blogs we will speak about updating forecasting with actual end of month sales, what level to project at and other topics of interest to end users.
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Forecast Pro UK from
MXI is a great way and only way to forecast but why should I forecast. Forecasting is the term used to describe the prediction of future events or conditions. Forecasting can we also defined as demand planning which is the process of recognizing economic demands for products or services in the future and the aligning of your resources to meet the demand plan, forecast.
Forecast Pro enables your future and forecast to be visualised and goes further by creating a baseline against which actual data can be measured. One for the key functions in Forecast Pro is to monitor and seek out the gaps between the forecast and the actual and then, using Forecast Pro technology reduce these gaps. I see the reason why I should use Forecast Pro but why should I forecast?
It is true that Forecast Pro can and does making forecasting so easy but what should I use if for? Well your forecast and the use of your forecast will depending on your business drivers will probably come from one of these:
To reduce uncertainty:
Predict the future demand and as reduce any uncertainty which leads to reduced costs, increased responsiveness and improved customer service.
Management Down Inventories yet meet Demand.
The pressure to reduce stock positions is intense naturally. Commercial and Sales departments press for high levels of stock increasing Stock, Warehousing and logistics costs. Demand Manager, Planners and Finance face the challenge of convincing people to hold less stock and that where we and forecasts can help.
To anticipate an potential change:
Plan for future change and then adjust for any changes in the environment such new entrants, competitor discounting, volume players.
To improve communication:
Between all departments, drive continuous improvement and where necessary provide some elements of realism
To increase knowledge:
Project production capacity, project future costs and revenues, compare forecasts to actuals to budgets and evaluate any marketing initiatives might have.
But overall the main reason to forecast and use Forecast Pro is to grow revenues and increase profitability for your business. At MXI we understand the challenges and reasons why business should forecast. To help you start improve your forecasting capabilities MXI are offering you the chance of a free tutored session on your data. Send your data and we will show you how you save and grow using your data. Register now:- Forecast Pro Offer
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Despite the power and scope of Quantrix, we at MXI UK/Ireland Quantrix partners always recommend "Think time" before building a model. Better business plans, budget, enterprise plans or financial model emerge as a result of taking that extra think time. Business Plans, Financial Models are meant to be helpful, and drive an organisation forward. Huge Spreadsheets built over years aren't accurate and don't represent useful business intelligence and confuse people. Try to learn from our experience in the UK and Ireland with Quantrix.
Quantrix fits the bill on all these issues. Why? English language formulas are a winner for clarity. For example "Profit=Sales - cost of sales". Quantrix from MXI is a winner for simplicity as it separates Inputs from formulas, calculated results cells. You will have a much better chance of getting your budget completed on time by other department heads.
Watch our 3 minute corporate video on Quantrix and look for yourself. Click here: Quantrix Video
In Quantrix clients find that balance sheets which many people can find tricky are a doodle, quick to build, easy to see errors, cross check and amend where necessary. We always recommend that layouts and formats are consistent throughout. Input income as a positive, shows costs as a negative. Weeks, Months, Years should appear in the same place in each matrix where possible. Background colour always helps. Colour, labels and borders make for nice simple clear models. Quantrix can help you make the most of your time and your data by keeping it simple.
Quantrix from MXI makes it simple to build calculations, formulas demonstrating their integrity. It's easy to see the supporting logic, connections to other matrix's with clear labelling, easily understood, rows, column, sub totals etc. Complex models work much better when they are clear, easily understood and the logic obvious. After all it's your money or business.
Find out for yourself how forecasting can be transformed with Quantrix. Watch the video: Quantrix Trial
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Companies over the world are starting to see why and how
Quantrix is the new excel. For years many companies were using excel and printing out reams and reams of spreadsheets to be checked by hand before any review meeting. This process ensured that every monthly and forecast review was a long tedious one with more time spent correcting errors in the worksheet than actually using the data efficiently. And this is the reason why Quantrix is the new excel. You test key business drivers to examine your business model, scenario's (good or bad) margins, risk, credit control, sales ratio, prices etc.
So many companies are switching away from Excel and on to Quantrix as Quantrix is the new excel for model building, financial forecasting and sales planning in today's market. Quantrix moves the process away from excel based sheets and on to quantitative modelling software that is designed to automate the business modelling process and turn data into information in a way that excel never could.
Quantrix from MXI in UK/Ireland delivers major savings in cost, time and effort. Models can be developed with 98% plus fewer formulas. Models with many millions of calculations and inputs can be built from as few as 500 formulas. More time for formulas, model building, business model and financial model analysis.
It is what goes on behind Quantrix that makes Quantrix the new excel. Gone are the days of confusing excel formulas that only one person (the author) really understands and in steps Quantrix. Quantrix uses what we call plain English formulas with a click and drag interface to make financial modelling, sales forecasting simpler to use, quicker to prepare and easier to present.
In UK/Ireland MXI are offering a free Trial download. Register here: Quantrix Free Download
Please feel free to contact our London or Dublin office to discuss how to use Quantrix during the trial period or how to deploy MXI Quantrix in your organisation to start better modelling and forecasting.
Quantrix is used in Banking, Financial Institutions, Manufacturing, Chemicals, Pharmaceutical, Automotive, Government, Multi Nationals, Non Government Organisations, Universities and other 3rd level establishments, Oil Industry, Green Energy, Telecommunications, Medical etc.
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MXI UK/Ireland partners for
Forecast Pro are seeing a seed change in the market for sales forecasting, sku forecasting, Demand Management and Sales & Operations planning. IT Managers and Departments are now looking for business benefits in IT Solutions and are taking a lead role in business improvement, Sales and Operations Planning, and cost reduction. For IT Managers Forecast Pro is at the top of their list.
MXI Forecast Pro is therefore being integrated into core financial forecasts, ledger suites, ERP Stock Control software. IT departments want to see all IT applications working together driving the business. Demand Management working with Purchasing and Stores directly on the ERP platform and for them Forecast Pro can do that successfully.
For Forecast Pro clients forecasting in the UK/Ireland is seen as means to reduce cost particularly in retail and large scale distribution where permanently lower stock levels moving faster is vital. MXI Consulting has implemented demand management technology such as Forecast Pro successfully in many organisations meeting this problem head-on.
That's why we are running our FREE Forecasting Webinar with Forecast Pro on Wednesday April 28th 4 pm. During this UK/Ireland webinar we will discuss and demonstrate the latest version of Forecast Pro.
Forecast Pro TRAC - Proven Track Record for Sales and Operations Forecasting.
MXI Forecast Pro TRAC is the newest member of the Forecast Pro family. It features all of the existing Forecast Pro Unlimited features yet adds more forecasting, graphical, reporting and overriding capabilities. Forecast Pro TRAC concentrates on reducing time and effort required to fine tune the Demand Management process. Less forecasting inaccuracy, track and eliminate under and over forecasting.
The 50,000 users of Forecast Pro would also appreciate the "dollarize" facility in TRAC. See pallets of stock expressed in monetary terms. Convert unit sales projections into stock or express stock levels as cash
Find out for yourself how Forecast Pro can help your company understand and forecast ahead. Register here: Accurate forecasting with Forecast Pro
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It's easy to demonstrate the better statistical forecasts produced by
Forecast Pro for prospective customers. The first reaction is that people realise they can spend time analysing and analysing their data instead of building unproductive worksheets. We ask people to send us their time series data of SKU sales histories, stock levels, purchasing histories. We then demonstrate Forecast Pro powerfully improved forecast. When we demonstrate the advantages of statistically based forecasts reflecting trends, seasonality, promotions, highs and lows the next question that people often ask, how do I use this, what is the next step.
The next stage with Forecast Pro is for us to arrange a visit to the customer's site and review planning on site and suggest ways to implement Forecast Pro on site. An example of a successful Forecast Pro project is with a Heathrow based customer. There we implemented Forecast Pro into their Heathrow based IT, Planning and Finance centre. For them Forecast PRO is now optimising their stock levels while also providing stock data in order to generate purchase orders. Their current forecasting module in their financial system (ERP) was simply reading the previous 3 months of activity and projecting that forward missing any year on year seasonality, peaks and troughs. In a very short period we wrote a program on site to import all their raw data from their ERP system and then we generated a Forecast PRO forecast for over 20,000 stock items and imported the optimized data back into their ERP system. That is the power and capability available from Forecast Pro.
Due to the flexibility and technology of Forecast PRO we completed the consulting, programming, training, testing and Go-Live phase in less than 5 days. It is intended that within 4 months we will reduce their stock holdings on the fast moving parts by up to 12.5% on over £7 million pounds worth of stock. The next stage is to focus on the parts which are consistently under forecasted or over forecasted. This continuous process will drive a forecasting improvement in the business on an ongoing basis working with demand planning, sales, stores, finance and purchasing none of which would be achievable without Forecast Pro.
At MXI we are keen for people to experience the power of Forecast Pro fist hand. That is why we have arranged a free 30 day demo of Forecast Pro: Click here to register: Forecast Pro Trial
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Quantrix is about providing clarity regardless if it is for budgets, financial models or forecasts which is become increasing more important. Financial Regulators, particularly in Britain and Ireland, company principles, stakeholders need clarity in financial plans, financial models, cash flow planning for obvious reasons. The Banks are short of working capital, risk officers need to be able to demonstrate easily why credit was extended. Financial budgets, budgets, forecast and models need to be razor sharp, easily understood and fit for purpose. The traditional 10 year old spreadsheets don't cut it in today's financial environment which is why companies see the benefits in Quantrix for forecasting etc.
Quantrix forecasts and models contain no half baked formulas that couldn't stand up without a walking stick. No "magic numbers". A good business analyst or financial modeller always makes their intentions, assumptions explicit. Quantrix lets analysts create formulas in plain language, making models easy to understand, explain, and audit. It allows your company staff to collaborate on models with colleagues or clients without the business risks associated with spreadsheet modelling. Quantrix also allows the business user to create interactive presentations and dashboards for any model or cashflow.
That's why MXI, UK/Ireland forecast experts are offering a free download of Quantrix Modeller. You can download your version to try out on your business here: Quantrix Trial
Here are a few examples of how Quantrix builds clear formulas as best practice now says use English language descriptions. That is why Quantrix financial models use numbers in a formula, use the "name" of the number.
- Gross Profit = Cost of Sales - Total Revenue
- Sales = units * price * month
- Total Liabilities and Equity = Total Liabilities + Total Equity
Quantrix really scores as the formulas are generated in English language (or whatever language is required), using at least 95% fewer formulas than conventional worksheet environment. This increase's the financial analyst or forecasters efficiency hugely. Find out for yourself how Quantrix can simplify your forecasting: Quantrix Trial
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Forecasting is the process by which companies ponder and prepare for the future. It involves predicting the future outcome of various business decisions. This includes the future of the business as a whole, the future an existing or proposed product or product line, and the future of the industry in which the business operates, to name a few. Forecasting is used to answer important questions, such as what profit will the business make, cash flow consequences, what is the demand etc which is why business are turning to
Quantrix time and time again.
Financial forecasting is important for several reasons. It enables management to change operations at the right time in order to reap the greatest benefit. It also helps the company prevent losses by making the proper decisions. Organizations that can create high quality and accurate forecasts are able to see what interventions are required to meet their business performance targets. With Quantrix companies can quickly identity those interventions quickly and make the adjustments.
No matter how you look at forecast or business there is one simple fact. And that is the elements of doing business are constantly changing. Interest rates rise and fall, customer preferences change, suppliers go out of business, margin mix changes. As the factors that affect business change, the company forecasts must also change. In this time of rapid change, accurate and timely forecasts have become even more important. Recognizing this is the first step in becoming a successful organization and selecting Quantrix is the next step.
At MXI we work with European companies to build accurate forecasts with the latest technology that change with the business and the environment. We are currently providing a free trial of Quantrix. With Quantrix you can quickly replace your spreadsheets for improved business performance and timely insights. Click here to register for your trial of Quantrix.
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Quantrix defines financial modeling as the task of building an
abstract representation a model of a financial decision making situation. Quantrix technology is a mathematical model, designed to represent a simpler version of the performance of a financial asset, cash flow planning, or a portfolio, of a business, scenario, project or any other form of financial investment. Many businesses today the challenges of financial decision making which is why there are turning to Quantrix.
At MXI we know that seeing is believing hence we provide a 30 day free of charge test drive. Sign up now: Quantrix Trial
Quantrix has found that financial modeling is a term which means different things to different people. In the UK and Europe and particularly in business it means the development of a sophisticated financial planning model, often using complex algorithms sourcing data from throughout the organisation, to simulate scenarios of financial events, currency movements, asset prices, portfolio returns etc. It also refers to the development of models for managing and controlling the risk of a financial investment. In Europe and in the accounting profession financial modelling is defined as cash flow forecasting, involving the preparation of large, detailed financial models for management decision making purposes.
While financial modelling means different things to different people Quantrix deliver forecasting modelling software is fully integrated, completely stable that delivery flexibility confidence and greater insight. Read Brochure on Quantrix
Quantrix and MXI have designed solutions that appeal to the largest multi nationals as well individual consultants and business professionals. For larger organisations that have exposed their spreadsheets and require multi dimensional modelling and forecasting which use 95% less formulas than a spreadsheets, it time to talk to talk to MXI UK/Ireland about Quantrix.
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MXI specialists in the UK/Ireland sales budget modelling software. MXI advises organisations on forecasting, financial and sales modelling to plan and monitor corporate business performance. MXI advises on the intricate process of compiling plans and budgets. Thats why MXI should your first call for any sales budget modelling in the UK.
At MXI we offer tailored training to financial and non-financial staff to support any financial or sales modelling requirements that you might have.
Beneath are listed some of the major issues that MXI clients have found in building a UK sales budget, 5 year forecast, projected cash flows for the UK/Ireland corporate sector.
- Period for modelling 1 year, 2 years, 5 years. The norm is 5 years.
- Weekly monthly quarterly financial periods
- Identify key business drivers in business (This changes constantly)
- Product, service offerings, 10, 20 Product Groups
- Income flow from Sales, Standard debtor days patterns (Impacts Cash Flow, profitability, rolling forecasts)
- Target Market penetration, unit sales volume, seasonality product by region by month
- Customer churn rates (subscription-or licence products & services)
- Revenue calculation parameters - sale prices by product by region by year, flat fees Vs user-based fees, etc (There will be huge variations within the revenue calculation module, depending on type of business, product characteristics, etc.)
- Revenue share % where distribution is via business partner.
- Recurring revenue models where % based maintenance fees apply - e.g. second and later year fees for software products/services
- Additional revenue streams - e.g. after-sales service offerings, product upgrade options, etc
- Direct costs - % of turnover or fixed value by product by region by year
- Other % based expenses
- One-off expenses by month Salaries, Consultant fees, personnel budget
- Salaries, months of commencement and yearly salary review levels
- Other expenses, months of commencement and yearly increase or reductions.
At MXI we understand the challenges of accurate forecasting thats why we are offering a 30 day trial of our budget and forecasting as used by JP Morgan, Bank of America, Caterpillar and KRAFT-Cadbury. Request Here: QUANTRIX TRIAL
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