What is Business Forecasting? Business forecasting uses trends, insights and other forms of data to predict the future which is relevant to the needs of the business. Several methods are used to make predictions which rely on quantitative, qualitative or a combination of both forms of data. Instead of letting a company be absorbed by tunnel vision for its short-term goals, it is important to have a bird’s eye view of how things are going to be in the next few years. Forecasting should include a thorough analysis of inflation, interest rates, consumer feedback, progress of competitors and changing trends. Here’s how business forecasting can guide businesses to growth and success: Importance of Business Forecasting 1) Planning Ahead When businesses carefully analyze the historical data and real-time insights to predict future movements in the market pertinent to the economical and financial conditions, they get the advantage of planning ahead. This allows firms…
