Everything you need to know for better forecasting

by | 15.07.2016

Most directors and managers rely heavily on their forecasts to make crucial business decisions. Whether it’s staffing levels, payroll costs, bonuses or research and development investment, the amount of time and money allocated to each one is dependent on the budget and forecast.

Paul Saffo, writing in the Harvard Business Review, says: “Above all, the forecaster’s task is to map uncertainty, for in a world where our actions in the present influence the future, uncertainty is opportunity. Unlike a prediction, a forecast must have a logic to it. That’s what lifts forecasting out of the dark realm of superstition.”

With this in mind, the best way for better forecasting is to use a data driven, evidence based approach. The amount of data we store as businesses and our opportunities for using it is only going to increase. That’s why using intelligent software to manipulate this data and provide real-time forecasts will be imperative for maximising profit.

With a more accurate forecast, the business naturally becomes more efficient. As a result of this increased efficiency and optimisation, costs are reduced, revenue is increased and profits soar.

It’s for this reason the Quinyx Forecast module was developed. For retailers and the hospitality industry, the module gives a detailed overview of footfall and sales. By storing this data and using an algorithm to interpret it, it becomes much easier to predict the future with the help of historical data.

It enables businesses to do the following:

  • Review sales activities and budgets.
  • Allow an overview of footfall and its correlation with sales on a highly-detailed level.
  • Encorporate a staff planning system which can be fully integrated with other business tools such as point of sale systems.
  • Predict the future with the help of historical data.
  • Allow for a rapid and efficient scheduling based on multiple selectable variables and KPIs.
  • Provide transparent and detailed information about outcomes compared to forecast and budget.
  • Survey and compare previous years' sales with tomorrow's forecast.

Accurate and effective forecasting can mean the difference from turning a profit to making a loss. A good forecast should be a balancing act between what you want your business to achieve and what it’s capacity to achieve is.

That’s why we endeavour to help businesses see into the future and make the best possible, data-driven decisions.
Tommy Tonkins

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