Smart Strategies for Designing, Implementing and Improving an Effective Demand Forecasting Process

For many companies, developing a successful forecasting process can seem daunting considering the challenges that may arise at each step along the way. In this educational one-hour Webinar, James Berry, Senior Consultant at Business Forecast Systems, Inc. reviews a framework to help your forecasting team create a roadmap for designing, implementing and improving upon your forecasting process.

Drawing upon his extensive experience, James will discuss the practical challenges organizations face when creating and implementing forecasting processes—and reveal pragmatic ways to overcome them. With a focus on best practices, he will address:
• creating a forecast process
• setting up hierarchies and data effectively
• incorporating outside data
• collaborating with others to establish the final forecasts
• measuring and tracking forecast accuracy
• gaining acceptance for the forecasts within the organization

Using real-world examples, James will demonstrate how Forecast Pro can be used to support effective forecasting processes.

0:00 Start
1:35 Introduction
2:06 Overview
3:59 Big Picture Questions
5:49 Process Types
7:18 Process 1 Example
9:11 Process 2 Example
10:32 Deep Dive into Steps of Forecasting Process
10:49 Step 1 - Gathering and Updating Data
14:50 Step 2 - Generate a Baseline Statistical Forecast
19:42 Step 3 - Gather Business Intelligence
26:54 Step 4 - Form Consensus
34:14 Step 5 - Export Final Forecasts Out
36:18 Summary
42:52 Question 1 - What fraction of clients we work with have a formalized consensus review process, and are there certain types of companies that are more likely to have one than others?
46:20 Question 2 - In your slides you have demand planning in charge of the process - is this most often the case? If not, what other departments are involved?
48:05 Conclusion
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