Business forecasting refers to a company’s efforts to predict future outcomes. Being able to anticipate outcomes allows companies to respond to threats and take advantage of opportunities.
Forecasts are usually a quantitative estimate of future trends and values. For the best forecasts, we recommend combining statistical analysis with staff insights. Statistics can uncover trends invisible to the human eye, but it lacks the ability to make important connections beyond the data itself. Staff will know important distinguishing features in product lines, understand customer response to promotions, and more.