GUIDE TO UNDERSTAND FORECAST RELIABILITY
Do you believe in your forecast? Confidence comes easy when times are good, but what about when demand changes? Businesses from building materials to machine parts have seen their share of peaks and valleys lately, but the ones who get ahead have forecasts that stay reliable even when their markets aren’t.
Whether the demand is steady or markets across the globe are disrupted, the oldest rule in forecasting remains true - every prediction is wrong! Even the most experienced supply chain professionals struggle with confidently predicting future demand. If this happens often enough, you end up with the opposite of the desired outcome. Namely, you get the wrong stock in the wrong place, at the wrong time.
But what exactly is needed for better predictions?
Steven Pauly, our senior consultant and research scientist, explains how to Increase Forecast Confidence During Unprecedented Times.