November 25th, 2020
Elements Affecting the Forecast Quality: Process
If you’ve been following along with our blogs, you’ll know the importance of people and data on the quality of your forecast. Equally as important is the process – how does the forecast get created?
- What systems are you using? Is your forecasting tool user friendly and does it give you the outputs you need? Further, how accessible are these systems? Do people have to be in the office to access budget data, or can they work remotely?
- Ensure you consider security. You need to ensure the forecasting process allows for people to have the information they need, but not more than they should have.
- How often are you forecasting and how long does it take each time? Consider the frequency you’re forecasting and how far ahead you’re looking. Is that reasonable for your business? Does it provide a good picture?
A lot of these considerations require manual work. Ensure that as you build out the forecasting process, you have a tool in place (like True Sky) that takes care of the administrative work so you can focus on other high-value tasks.