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Tuesday, August 10, 2010

Seven Tips to Forecasting Effectiveness

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Companies strive to adopt new ways to improve forecasting and planning. And according to the WSJ article Thinking about tomorrow – Seven tips for making forecasting more effective, collaboration is the key.
High-Performance organizations take collaboration further, integrating operations with vendors and suppliers in ways that give each party access to data that helps keep the supply-chain flowing and inventories lean. Once such links are established, a manufacturer, for example, no longer has to guess at a vendor’s inventory or future promotional plans, hence forecasts — and sales — improve.
 
Here are the seven tips from the article to make forecasting more effective
  1. Get Senior Executives Involved
  2. Explain the Mutual Benefits
  3. Clearly Define Goals and Agreements
  4. Use the Best Technology
  5. Focus Where Revenue and Profits Are Greatest
  6. Link Incentives to Companywide Goals
  7. Aim for Continuous Improvement
 

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