You can no longer build your plans on historical trends alone. You need to be able to leverage additional insights on current trends, competitive data, climate changes just to name a few, and incorporate it into your planning process.
Our forecasting engine is built in to every aspect of our demand planning solution. Whether it’s in Merch planning, Location plans, Assortment or clustering, it provides you with the most insight to enable better decisions and more accurate plans.
With smarter forecasts that represent true customer demand and trends, you can protect yourself from the consequences of poor forecasting outcomes such as overstocking, product obsolescence and lost sales.
Foresight’s Smart Forecasting engine uses sophisticated and industry-proven modelling algorithms to generate a forecast that is based on true and actual demand history, taking into account everything from erratic products, to seasonal variations and trends.
Trends & Seasonality
Foresight’s Smart Forecasting engine also assesses trends and seasonality by utilizing the same powerful forecasting methods as the world’s biggest brands. Seasonality captures the year-over-year recurring pattern that’s typically visible in either weekly or monthly periods. Trends are calculated by removing recurring and periodic variations. Smart Forecasting also identifies outliers which you can include, or exclude, as required.
Calculate Lost Sales
One of the most effective components of our Smart Forecasting engine relates to true demand history, not simply sales history. Our Smart Forecasting engine generates this critical piece by identifying periods of insufficient stock, combined with sales, which are then used to calculate lost sales. You will get the entire picture of what your sales could have been, had there been sufficient product in stock at the right place and the right time. This is your opportunity to get the full picture, by location, and by product category.
Embedded in your plans
One of the most effective components of our Smart Forecasting engine is that it can be viewed within your store and product plans in order to compare multiple versions.