Everybody is Winging it!

Top 5 faults in forecasting Tops Down Sales Forecasting. This is when, to achieve an artificially imposed revenue number on the business annual sales targets are introduced into the forecast, without any real substance behind how they will be achieved. A noose around the sales guy’s neck. To be an incentive targets must be realistic. ...

Top 10 most used What If Scenarios

Using What-If scenario analysis to make smarter decisions George W Bush won’t be remembered as one of the great US presidents, however he was unjustly ridiculed for this very pertinent bit of advice, “You don’t know what you don’t know”. Or as Harold MacMillan said when asked, what was most likely to blow a government ...

Top 5 reasons why using Excel for your Forecast just isn’t Reliable, Efficient or Secure

Time needed to create a forecasting model No matter how good you are at using Excel, it is going to take a lot of time and effort to create a model that can be used to produce a meaningful detailed forecast for your business with the outputs and analytics you need to make informed decisions ...

Forecasting for Hotels and Hospitality

The devil is in the detail Forecasts and budgets are a normal part of managing any business and the Hospitality industry is no different. The challenges the Hospitality industry faces are much like any other industry, identifying sources of business and the related dependencies. Once you have done this it’s important to assess the impact ...

Forecasting for Retail in an Amazon World

The “Amazon effect” has already dramatically changed the landscape of retail but the disruption goes much deeper than just the convenience of 24/7 shopping and next day delivery. It has changed retail cycles as retailers are forced to change the timing of their typical end of season sales to align with the Amazon driven Black ...

Why do Forecasts Fail?

Hubris and poor assumptions will do it every time. Forecasts, in many cases are nothing more than an educated guess, someone’s gut feel. Sales projections and margins used to calculate outcomes are the starting point to make the model achieve the target goal, whether these are realistic or not is not the forecasters responsibility or ...

Cash Flow Forecasting – Don’t take your hands off the wheel

I must admit, personally, the thought of autonomous cars driving themselves while we read books, watch Netfix or climb into the back seat to do what should be done at home or in a secluded place at night, fills me with horror. It might be because I’m not from Generation X who blindly believe in ...

Welcome to the New ProForecast

In the state-of-the-art Sunderland Software Centre, you will find ProForecast. Led by Steven Katirai, the ideas behind the application, ProForecast have developed the most powerful Financial Forecasting and Business Strategy application on the market. “We wanted to differentiate ourselves from the rest of the market” begins Katirai, “there are a lot of cash flow forecasting ...