Forecasting is a decision-making tool used by many businesses to help in budgeting, planning, and estimating future growth. In the simplest terms, forecasting is the attempt to predict future outcomes based on past events and management insight.
There are two forecast types: judgment-based (e.g. “gut feel”) and quantitative (e.g. statistics). The most trustworthy forecasts combine both methods to support their strengths and mitigate their weaknesses.
Vanguard Predictive Planning™ enables organizations to:
- Improve forecast accuracy
- Reduce costs
- Minimize stockouts
- Improve profits and customer satisfaction
- Automate planning
- Digitize supply chain