{"id":3696,"date":"2020-01-27T08:02:51","date_gmt":"2020-01-27T08:02:51","guid":{"rendered":"https:\/\/saddlepointtech.com\/newwpsite\/?p=3696"},"modified":"2020-02-05T06:50:42","modified_gmt":"2020-02-05T06:50:42","slug":"which-forecasting-technique-is-good-for-you","status":"publish","type":"post","link":"https:\/\/saddlepointtech.com\/newwpsite\/2020\/01\/27\/which-forecasting-technique-is-good-for-you\/","title":{"rendered":"Which Forecasting Technique is good for you?"},"content":{"rendered":"<p>One of the favorite questions of Supply Chain interviewers for the \u2018often-nervous\u2019 interviewees is \u201cHow do you choose a forecasting method for an FMCG company or a Cement company?\u201d Most interviewees babble about errors (calculated statistically assuming a stable universe!) and dashboards.<strong><div class=\"show_more\"><p class=\"wpsm-show\" style=\"color: blue; font-size: 100%; text-align: right;\">\u00bb show more<\/p><div class=\"wpsm-content\"><\/strong><\/p>\n<p>To be honest, this is a question that has befuddled most of the CXOs of this age and the ancient (tribal heads, emperors, high priests, etc). No machine or a crystal ball, for that matter, can accurately predict what future will bring in terms of rains, prosperity or war and finally how much soap with 44% saturated fat, mixed with rose essence will sell in Jhumaritalaiyya in October 2016!<\/p>\n<p>Coming to statistical forecasting; those provide good guidance to the future, while accounting for trends, influencing factors like an advertisement, GDP growth, monsoon performance, etc. Supply Chain heads and CIOs must understand that choosing a statistical forecast method is not a \u2018once-a-lifetime\u2019 activity. Data must be analyzed for two main aspects; viz overstocking and shortage. Any statistical forecast will cause either of the two results above. One needs to make a decision on which of the two results is acceptable for a specific product line\/ group and how much. The choice of the forecasting technique then becomes easier. Revisiting the data every 3 months to determine the extent of oversupply or shortage, and fine-tuning the forecasting method to correct the imbalance is required to keep the supply chain on its toes, figuratively. This approach will help the Supply Chain heads to bid good-bye to crystal gazing.<\/p>\n<p><strong> <p class=\"wpsm-hide\" style=\"color: blue; font-size: 100%; text-align: right;\">\u00bb show less<\/p><\/div><\/div><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>One of the favorite questions of Supply Chain interviewers for the \u2018often-nervous\u2019 interviewees is \u201cHow do you choose a forecasting method for an FMCG&#8230;<\/p>\n","protected":false},"author":2,"featured_media":3349,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[16,17],"tags":[],"class_list":["post-3696","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-plans","category-competitive-research-analysis"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Forecasting Techniques in Demand Planning Solution<\/title>\n<meta name=\"description\" content=\"One of the favorite questions of Supply Chain interviewers for the 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