So I have Forecast PRO from MXI UK/IRELAND- Whats next
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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