How to improve the accuracy of forecasts
Organisations rely on accurate forecasts to make critical business decisions. But how can you be sure that your forecasts are realistic and what processes should you put in place to keep them up to date?The Solution:
- Improve the accuracy of your forecasts by:Involving more relevant people in the process
- Challenging assumptions on what drives performance
- Collecting evidence to back up predicted numbers
- Analysing trends to see if submitted forecasts are logical
- Using technology to automate the collection and consolidation process
By implementing an effective, continuous forecasting process, you'll be able to give your managers a fact-based narrative that highlights areas of uncertainty in future performance. This allows them to act fast to change the outcome – and they'll have you to thank for it!