In a business environment in which volatility is the norm—not the exception—the many dimensions of effective forecasting are of critical interest to many finance organizations. Among their goals: To increase the accuracy and reliability of business forecasts; to extend the time horizon for reliable forecasting; to expand the scope of forecasts beyond revenue to include cost drivers and, ultimately, profitability; to increase the flexibility of forecasts to accommodate ad-hoc queries by business line, geography, product line, and other business dimensions; and to ensure that high-quality forecasts translate to action and form a sound basis for business decision making and resource allocation.
Achieving these goals is a multi-prong effort that takes into account the systems, processes, and people that support forecasting. This Webcast will explore how leading-edge technologies, especially big data and predictive analytics, can:
- Help companies make better use of available information about their business to improve forecasting;
- Bring together finance, sales, and operations to support more effective, credible, and actionable forecasting;
- Improve the efficiency of forecasting processes; and, ultimately,
- Transform forecasting from a time-consuming exercise in negotiation to a bedrock of more effective business decision making, based on sound, expansive, well-sourced information and intelligent analysis.