There’s no such thing as perfect forecasting, but there are steps that can be taken to significantly improve forecasting accuracy. Ever-evolving technological advances continue to expand the options available to businesses, and these need to be embedded in best practices for full efficacy. Here’s what you need to know.
Continue reading “What Best Practices Should I Follow In Demand Forecasting?”
Panic buying, border closures, container shortages, rapid shifts in consumer demand, volatile investment markets… In the world of retail, Covid-19 has a classic disaster movie plotline. Organisations around the world have had to strap themselves in for a rollercoaster ride of uncertainty, and we’re far from the finish. Smart supply chain decisions matter now more than ever before. Here are a few ideas! Continue reading “How To Make Smart Supply Chain Decisions During Uncertain”
Accurate demand forecasts are invaluable for efficient sales, marketing, and distribution strategies. Reliable predictions of future customer behaviour allow you to manage production capacity, supply chains and human resources without waste. Customers also benefit from adequate availability of their desired products. What’s more, accurate forecasts can optimise budgets by giving greater foresight for spending plans.
Nobody can see directly into the future. However, advanced analytics, as well as real-time monitoring of sales data, stock movements and marketing initiatives, can provide excellent insights into upcoming customer trends. Accurate forecasting can be broken into the following seven key steps: Continue reading “The 7 Keys To Accurate Demand Forecasts”
Do you ever wish that you could see what’s around the corner? In the world of business, being prepared can make all the difference. Thankfully, software innovations are revolutionising the way that companies can ready themselves for the future. Here’s what you need to know about statistical forecasting.
Continue reading “What Is Statistical Forecasting? A Guide For Small Businesses”
Lockdown has changed the landscape for businesses around the world. An accelerated shift towards digitisation combined with uncertain supply and demand have emphasised the need for greater agility.
Running a successful business demands careful planning to balance projected income against expenditure. By forecasting uptake for products and services in various demand scenarios, you can learn about how your customers interact with your brand and how you can work with their needs to grow your business along the way.
Continue reading “Are We In or Are We Out? How To Forecast Demand During Lockdown Uncertainty”
One effect of Covid-19 in high street retail and e-commerce has become apparent: a requirement for a transformation in the end-to-end supply chain, combined with a new approach to demand forecasting and planning. For a business to achieve its goals this year, more flexible, integrated solutions are needed.
Continue reading “How To Adapt Demand Forecasting Strategies To The ‘New Normal’”
As a restaurant, failing to anticipate a shortage of key ingredients can be costly in terms of profits, and embarrassing to your reputation. In an industry in which word-of-mouth recommendations and online reviews matter, both positive and negative diner experiences can spread like wildfire, directly affecting your footfall. Diners tend to offer loyalty to their favourite restaurant, too; a memorable experience encourages customers to return time after time. Diners can also be fastidious, with unavailable items on the menu a major cause of dissatisfaction.
Bundle services are the oldest trick in the book. Pay for what you need, and then pay a little more for things that you might need down the line, and all too quickly a business is paying for services that it doesn’t need at all. Thankfully, ethical companies are making their mark in the software sector.
Are you a small business owner wondering about how to make the most of precious investment capital? Are scalability and flexibility at the top of your list of needs? Finding an inventory management software solution that will grow with your business can take the pressure off whilst enhancing the process.
