Sales forecasting in Excel is a hot topic if you judge by how often those three key words are found in Google searches. But there seems to be a misconception that an Excel sheet is the right place to do sales forecasting, and we understand why.
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The goal of sales forecasting of intermittent demand isn’t to achieve the most accurate forecast, but rather to predict how much inventory needs to be held to make sure you can meet demand for future random sales.
Biased forecasts can cause higher inventory and logistics costs. Companies can hold 20% less inventory on average with software that has unbiased forecasts and high forecast accuracy.
Demand planning and sales forecasting tools help in creating reliable forecasts in supply chain management.
To meet consumer demands, you need to understand the data. Learn how with this ultimate guide to sales forecasting for Shopify.
The ultimate goal of sales forecasting is to provide an engine that can automatically identify every big or small time-series pattern.
