Consolidated Forecasting FAQs
Following are a few questions and answers about consolidated forecasting. Have any other questions? Contact us!
What is consolidated forecasting?
Consolidated forecasting is a process or method that uses all of the sales history, past merchant plan, and future merchant plan. We combine all the data to provide one forecast, a single version of the truth.
How is this different than traditional forecast methods or processes?
Many systems like JDA-E3, Slim, AWR and others forecast for basics, using regular sales; the closeout, promotional and other sales are not utilized in the creation of a forecast.
Why is this valuable for me?
For the buyer, the result is one number of units to purchase and manage. Also, consolidated forecasting processes can be used to forecast any group of products: fashion, basics, grocery, all the above.
Additional value can be harvested from the forecast. A base forecast, the seasonal multiplier value, customer response to an ad or promotion can all be reviewed and used for future events when consolidated forecasting methods are in place like the tools in Data Profits iKIS service.