/ Forecasting /
Accurate forecasts are critical to business decisions. A good forecasting process leverages statistical techniques, but also acknowledges their limitations by integrating the organization’s collective knowledge to obtain the best possible estimates. Analytics has both the statistical expertise to develop an initial forecast, and the process knowledge to enable companies to achieve a refined consensus forecasting process to drive the business.
Analytics’ forecasting practice yields:
- More coordinated and consistent decision-making: With an accurate forecast, people are less likely to make indiscriminate decisions based on their own subjective estimates of future demand.
- More accurate forecasts: Unless forecasts are supported by rigorous statistics, they are likely to be seat-of-the-pants estimates based on biased assumptions about future growth.
- Forecasts that improve over time: An explicit process creates a benchmark against which future forecasts can be compared and improved.
- Fewer missed opportunities: Procurement and production managers can respond to expected demand from sales and marketing activities if formal channels exist to provide this information.
Analytics
engineered a forecasting system for a leading medical device
manufacturer,
resulting in a 25% inventory reduction and a 95% reduction
in backorders. 
