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Sales forecasting involves estimating what a company’s future sales are likely to be, based on sales records as well as market estimations and sales inputs on promotions. Sales forecasting is an integral part of business management. Without a clear idea of what your future sales are going to be, you can’t manage your inventory and cash flow or plan for growth. The purpose of sales forecasting is to provide information that you can use to make intelligent business decisions. Unadvisable practices in companies

- Forecasts are often made without collaboration between the different areas of the organization.
- The company’s different departments prepare separate forecasts (sales, finance, purchasing, etc.).
- The sales forecast is not related to the sales budget, and fulfilment is not quantified.
- Historical sales data is not real-time, and poor statistical techniques are used, ignoring different time periods and trends.
- Insufficient automation and software tools to facilitate the task, resulting in slow, manual processes. Common problems due to lack of good forecasting

- High inventory costs and obsolescence.
- Low levels of customer servic

What is Forecasting? Meaning

Forecasting is a process of predicting or estimating the future based on past and present data. Forecasting provides information about the potential future events and their consequences for the organisation. It may not reduce the complications and uncertainty of the future. However, it increases the confidence of the management to make important decisions. Forecasting is the basis of premising. Forecasting uses many statistical techniques. Therefore, it is also called as Statistical Analysis.

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