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The term "forecasting" creates all kinds of images, including those of a crystal ball and fortune telling. However, in today's business environment, forecasting has become essential. "Forecasting", a part of analytics, is simply being able to predict the future in the best possible way. Are forecasts perfect? Almost never, but they can be really close, depending on the data. But close is often sufficient. Many think that forecasting is all about predicting sales. While that is certainly something that can be predicted, sales are just a drop in the bucket. Forecasting can predict expenses, number of employees, number and amounts of workman's compensation claims, and are extremely important in business plans. Anything that has a number attached to it, whether a count or a measurement, can be predicted. The quality and completeness of the data will determine the accuracy of the prediction. Kairos Advising and Consulting has a wide variety of prediction models that can be used to find the right model for your data and provide you with quality information.
Here are some questions that can be answered using forecasting:
-- How much demand for my services/products can be expected for the next several years so I know how much equipment and personnel I need?
-- How many employees can I expect to lose over the next year?
-- How fast is my customer base growing and what will it look like next year?
-- How many defects can I expect from my assembly line?
-- What is the trend for my customer satisfaction surveys?
These are just a few questions that could be asked. Kairos Advising can work with you to create the best forecasts possible so your business can have more success.
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