#WednesdayWisdom - The importance of forecasting

 

Many companies are working during these weeks on forecasting for next year. Using forecasting tools can help you in different ways:

  • Grasp in-house data and business performance.
  • Provide a competitive advantage.
  • Set and enforce effective budgets.
  • Create a faster response to seasonal changes.
  • Identify larger patterns and relationships.
  • Assist in long-term strategy and planning.

With forecasting we can’t predict the future, but it helps us understand our company’s financial state and remain agile in a changing enviroment.