FinancingWorking Capital Comments 0 Successfully managing cash flow allows a business to have the right amount of cash at any given time.
There are many different ways to measure and interpret forecast accuracy across an organization, and different segments of the organization can view and perceive a forecast accuracy measure in different ways.
APPROACH To mitigate this perception across the broader organization, the department that is the Key Stakeholder in the measures should implement and set strategic activities to stabilize and improve overall forecast accuracy and accountability.
As these activities are being rolled out, they should be communicated and adopted by all segments of the organization to ensure alignment on how and why Forecast Accuracy measures are captured and used. This post introduces four strategic activities used to instill confidence in the calculation and tracking of Forecast Accuracy measures: Review and manage accuracy inputs — Implementing a standardized review and update process for baseline forecast inputs allows the Planning Organization to stay current with changing market conditions and align with the business drivers for external inputs Sales, Marketing, Operations, Finance, etc.
Categorize and manage accuracy objectives — Many organizations assign a product to a category or group either at product introduction or solution go-live, depending on the age of the solution. As products move through the product lifecycle, the categorization should be reviewed and updated based on a standardized timeframe.
Understand why you are measuring accuracy — Organizations that have long-established Forecasting processes and procedures will normally measure forecast accuracy based on the timing determined at implementation. A new movement is aligning the time lags where accuracy is measured to key activities across the broader organization.
Solution designs should be assessed prior to a planned upgrade to ensure alignment with the overall strategic objectives of the business. The implementation of the four strategic activities outlined above will help to instill confidence in the forecast accuracy measures across the broader organization.
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1. Forecast at the right level. Winter Outlook.
According to the Climate Prediction Center, winter may be mild across northern and western portions of the US. Southern areas of the US may see a wetter winter while northern areas may be drier than normal. NOAA National Weather Service Missouri Basin, Pleasant Hill.
To mitigate this perception across the broader organization, the department that is the Key Stakeholder in the measures should implement and set strategic activities to stabilize and improve overall forecast accuracy and accountability. World Marine Weather Forecast Bulletins.
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