By Kimberly Clark on Nov 15, 2019 11:20:44 AM
ITR Economics has a tool called DataCast™ that will help increase your internal forecasting accuracy, identify positive or negative trends within your industry, and show you which segments of your business are outperforming the others.
Yes, DataCast can do all of that!
So what is this “too-good-to-be-true” tool, you ask?
DataCast is an online portal that
A. gives you access to thousands of market datasets
B. takes your data and applies our Rate-of-Change Methodology
C. calculates the timing relationship between your data and market trends
D. charts your data against your other internal datasets or any of the market datasets previously mentioned.
Let’s break down each of the benefits DataCast offers you.
Increase Internal Forecast Accuracy
Why is this important? Well, let’s say that you are planning next year’s budget. What are some of the variables you are considering? You may be considering increased production or near-term capital expenditures. But how do you know if the time is right? You must have access to some form of foresight to have determined your business will be growing next year and will therefore need more production capacity. Right?
But what if you’re wrong?
What happens when you invest in near-term capital expenditures, and then the orders don’t come in? Exactly – I'm sure your mind went right where mine did. We’ve cut into our profit.
An accurate sales forecast for your business is a must if you are going to stay competitive and continuously grow profits.
With DataCast, you have access to thousands of datasets. The tool itself calculates the correlation these datasets have to your business, as well as their lead or lag time to your company’s sales data.
What could your internal analysts and forecasters do with this information?
Well, for starters, they can export it and use it with your company's own forecasting models, which will provide a higher degree of accuracy for your budgeting process!
If you are not responsible for forecasting or for collecting market data to use in the forecasting process, perhaps you should forward this blog post to those who are! If you are not looking to spend more time on your sales forecasts but want them to be more accurate, we can help with that!
If this tool may be helpful to you, then check out our other blog posts to learn how else DataCast adds value, by helping you identify positive or negative trends within your industry and see which segments of your business are outperforming others.