What is the most effective forecasting method for your business?

The most effective forecasting method for your business depends on various factors such as the nature of your business, the availability of data, and the level of accuracy required. Some common forecasting methods include qualitative methods like expert opinion amand quantitative methods like time series analysis and regression analysis. It's often beneficial to use a combination of these methods to account for different factors and uncertainties. Regularly reviewing and adjusting your forecasting methods based on performance and changing business conditions is also key to maintaining accuracy.

In my experience in a sales support role, where we had data for the engagement with clients for the past six years. Data was able to clearly speak with this where the business was coming from. So Quantitatively, we in the team knew where we can approach to get the business year on year. On the qualitative front, there was immense untapped opportunity as quality efforts were not invested to strengthen the relationship and that's where we realized that numbers could go up drastically and sales number can go high if we put efforts in relationship management. Data speaks the outcome of the quality of our efforts and time invested with the clients to get our share of business.

Selecting the right forecast method is the first step in your forecast process. While selecting the forecasting method it is important to consider the context of the forecast, the relevance and availability of historical data, the degree of desired accuracy level, forecast time horizon, the cost/benefit of the forecast and time available for the forecasting process. If possible, you may also try using more than one forecasting methods and compare the results to ensure relevance and meaningfulness of the forecast results. In the end, don't forget to do an analytical review of the results irrespective of the forecasting method used.

I had the opportunity to work with sales data and data was giving clear indication where we should continue to focus and where focus should be increased to improve our relationship. Data speaks the reality and we should continue to brainstorm ideas of developing relationship to strengthen those data points which is not healthy at this point. The ideas will help us to diversify our relationship and in turn the business prospects with our clients.