Most companies are aware of yesterday’s business results, but how can you learn from these figures to predict what will happen tomorrow? And how can you make the right decisions to influence the future and outperform yesterday’s results?
Envision what the future might hold
Creating accurate forecasts has a direct benefit to the business’ profitability. It allows more accurate planning or reducing buffer volumes (e.g. reducing stock levels, call capacity,…) as the uncertainty decreases.
Further benefits are the opportunity of simulating what-if scenarios within your company to steer decision-making and gain more insights into why certain events and trends occur.
Since the investment in analytics is limited, the ROI is usually reached within the first year of usage.
Traditionally, companies active in manufacturing and retail face large challenges in terms of forecasting due to the importance of a smooth supply chain. However, we’ve also seen great potential within sales and finance departments across industries. In all these applications, even a slightly more accurate forecast can generate an important business impact.