Data Analytics Support Better Business Forecasting
Data analytics can help improve your business forecasting for market demand, changes in customer demographics and more.
Since strategic and operational plans are created based on forecasting efforts, if those plans fall short, CEOs are on the front line for taking the blame. KPMG recently did a survey and discovered that approximately $200 billion in revenue could be missed if forecasting data isn't accurate.
What's more, company forecasting is often based only on internal business data. Unfortunately, external factors are not investigated in-depth using outsourced data, and very often, these factors are either left off or generalized. Neither helps you develop realistic, accurate sales and marketing objectives to accomplish.
Some of the critical external factors that aren't accurately taken into account include Asian market volatility, a weak Euro, fluctuating energy costs and more.
Regional economic trends and even weather can negatively impact sales and marketing program objectives if they aren't properly forecasted with technology and accurate data analysis.
Investing in software tools that specialize in predictive analytics, along with the people who have expertise in running the analysis and interpreting the data is critical for ongoing success in increasing sales and implementing realistic marketing programs and processes that really work.
The risk is even higher if a company is planning a new product to analyze and predict future revenue and costs related to development and implementation.
Many CEOs have lost their positions due to a lack of accurate forecasting. By investing in the right tools, better decisions can be made for allocating budget and resources to achieve sales and marketing goals.
I understand how focused forecasts can make your marketing programs more efficient and accurate.
Contact us and let's begin a conversation about how you'd like to get more from your marketing programs.