FAQ

A forecast is a prediction or estimate of future events or trends based on data analysis, statistical modeling, and other relevant information. Forecasts can be made for a wide range of purposes, such as predicting sales figures, economic growth rates, weather patterns, stock prices, and more. The goal of a forecast is to provide insights into potential future outcomes and help individuals and organizations make informed decisions based on these predictions.
Definitely! Forecasting in a business context is more often a process that involves multiple individual forecasters, management review steps, sign off and publication. As well as generating a volume forecast it is often integrated into the overall planning and budgeting process. Therefore there is a definite functional divide between software for forecasting and software to support your demand forecasting process.
Demand planning is a process of forecasting and managing the demand for a product or service over a certain period of time. It involves analyzing historical sales data, market trends, and other factors to create a forecast of the expected demand for a particular product or service in the future. Demand planning helps businesses to anticipate customer demand and align their production, inventory, and supply chain operations accordingly. By accurately forecasting demand, businesses can optimize their resources, reduce costs, improve customer satisfaction, and increase their overall profitability.
Time series methods are statistical techniques that are used to analyze and forecast data that is collected over time. These methods are designed to capture trends, seasonality, and other patterns in the data that may influence future values. Some examples of time series methods include ARIMA, Exponential Smoothing, and Neural Networks.
Current AI tools are just one of the inputs a Demand Planner takes into consideration, together with Sales, Marketing, Finance and Supply Chain experts feedback. For the moment, NO mathematical/statistical model is perfect and 100% applied in our day-to-day analysis, so it requires an important human component!
In Forecast PRO, once you’ve loaded correct, complete and cleaned historical data, you will have immediately an Expert Solution statistical model proposal, for each level of your Hierarchy.
You don’t need to be an expert in statistics, this software requires practical knowledge about the business, in order to use the most from modern features Forecast PRO has.
Usually, first challenge is to have a clean, complete database. Then choosing right settings, hierarchy, to apply the correct events, to correct the past. Forecast strategy, target reconciliation, judgemental forecasting, measuring accuracy, added-value or not, are some of the next challenges.
Forecast PRO uses machine learning algorithms and statistical models to analyze historical data and identify patterns/seasonality and trends. It then uses this information to make predictions about future trends and behaviors.
Forecast PRO can analyze and make predictions based on a wide range of data types, including sales data, inventory data, financial data, demographic data, and more.
The accuracy of forecasts generated by Forecast PRO will vary depending on a number of factors, including the quality and quantity of data used, the algorithms and models selected, and the expertise of the user. However, in general, Forecast PRO has been shown to produce highly accurate forecasts.
Forecast PRO uses a variety of algorithms and models, including regression analysis, time series analysis, neural networks, and machine learning algorithms.
Yes, It has has specific techniques, as forecast by analogy or bass difussion or custom components
Yes, usually 24 periods is often the choice of most forecasters, where accuracy can be within normal limits.
Yes, there are recorded forecasting and educational webinars, blog, literature and white papers, together with many video presentations of the latest features.

Some of the best features of Forecast PRO include:

Expert-solution – automatic statistical model chosen, for best fit on the Historical data patterns and trends

Intuitive and user-friendly interface that makes it easy to create, modify, and visualize forecasts.

Advanced forecasting algorithms, including ARIMA, Exponential Smoothing, and Neural Networks, that can be customized and fine-tuned to fit specific data sets and forecasting needs.

Automatic data cleaning and outlier detection that helps to eliminate errors and ensure the accuracy of the forecasts.

Real-time dashboards and visualizations that allow users to monitor and track forecasted trends and patterns.

Integration with popular data sources such as Microsoft Excel, Google Sheets, and Salesforce, allowing users to import and export data easily.

Scenario analysis and simulation capabilities that allow users to test different assumptions and scenarios and analyze the potential impact of various factors on the forecasted outcomes.

Forecast accuracy metrics and reporting tools that allow users to evaluate the performance of their forecasts and make adjustments as needed.

Yes, and not only Excel, but also .csv, .txt, ODBC, xml, Mlt, SQLite format

Forecast Pro TRAC has no limitation on number of time series analyzed and it’s including all the features (Product mapping, Exception & Comparison Reporting, Conversions etc.).

Forecast PRO Extended has no limitation on number of time series analyzed, but does not include advanced reports, mapping, conversions, Hierarchy “Shuffling” (multiple hierarchies) etc.

Forecast PRO 100 has the same statistical core as all functions, for maximum 100 series analyzed and less features than Extended.

Yes, it’s easy and fast, to copy-paste values and formulas, in Override grid.
Forecast PRO is a software tool that uses advanced algorithms to predict future trends and patterns based on historical data.
The key features of Forecast PRO include machine learning algorithms, statistical models, data visualization tools, data analysis tools, custom forecasting options, and easy-to-use interface.
Yes, Forecast PRO can be used for financial forecasting, such as predicting revenue, profits, and cash flow.
Yes, Forecast PRO can be used for inventory management, such as predicting inventory levels and optimizing order quantities.
Yes, Forecast PRO can be used for demand planning, such as predicting customer demand and optimizing production schedules.
Yes, Forecast PRO can be used for sales forecasting, such as predicting future sales trends and optimizing sales strategies.
Yes, Forecast PRO can be used for workforce planning, such as predicting employee demand and optimizing workforce scheduling.
Yes, Forecast PRO can be used for production planning, such as predicting production volumes and optimizing production schedules.
Yes, Forecast PRO can be used for supply chain optimization, such as predicting demand and optimizing supply chain management strategies.
Yes, Forecast PRO can be used for risk management, such as predicting and mitigating risks related to supply chain disruptions, demand fluctuations, and financial performance.
Yes, Forecast PRO can be used for budgeting and forecasting, such as predicting future revenue, expenses, and profitability.
Yes, Forecast PRO can be customized to meet the specific needs of individual businesses and organizations. Users can select the data they want to analyze, adjust the algorithms and models used, and tweak the settings to achieve the most accurate forecasts possible.
Forecast PRO is designed to be user-friendly and easy to use. It has a simple interface and intuitive controls, and can be used by anyone with basic computer skills.
Yes, it has also Top-Down and Bottom-Up option, as forecasting strategy options.
Forecast PRO can be used to analyze and forecast trends in marketing performance, such as predicting the effectiveness of marketing campaigns and identifying opportunities for optimization.
Forecast PRO can be used to analyze and forecast trends in weather patterns, such as predicting temperature and precipitation levels.

Realforecast opinion: Usually, it depends on the pattern, if it’s intermittent demand series or continuous, if it’s high volume or low volume, if it has more than 2 years or history, for Seasonality detection, if trend is additive or multiplicative, if the History is broken (with events or missing data) etc.

In ForecastPRO, I use automatic Expert solution, but I can choose also some other statistical model to apply, it the software says it fits. Most used family model is Exponential Smoothing (Winters, but also NA-CL for non-trended series) -> it can accept also Event Modelling. For intermittent series, Croston and Discrete; for many point without broken history -> BoxJenkins (ARIMA). I have also the option for Machine Learning and Dynamic Regression (other factors correlation). Forecast by Analogy and Component model for NPIs complete the full circle of easy-forecasting!

I had good results on TOP-DOWN forecasting, when the products are the same type, and Bottom-up, when they are different.

With so many options, and so much experience from US market, I can easily manage Demand in an easy and fast way!

You will have best quality versus price, because it’s designed specifically for business forecasters, easy-to-use, yet provides state-of-the-art methods and comprehensive tools, making it easy for you to automatically create reliable forecasts in seconds. RealForecast experts have experience for more than 3 years of weekly usage of the software + training all over the world + a practical experience in Supply&Demand for more than 12 years.
Yes, Realforecast consultants can give you a live demonstration, on built-in projects or even on each customer data, if needed.

You can start forecasting for just 1495 USD, for Forecast PRO 100, and even use full functionality with TRAC version, from 5000 USD/license, per year!

Forecast Pro is used by more than 40,000 people across 12,000 different organizations in 88 different countries worldwide. Our users span virtually all industries, including CPG, Food & Beverage, pharmaceuticals, automotive, telecommunications, government, academic institutions and many others.

Forecast Pro users’ job functions fall into a variety of categories depending on how they are involved in their organizations’ forecasting and planning processes, where the forecasting function resides, what roles they play and other factors. Examples of Forecast Pro user profiles are described below. Some clients are dedicated forecasters, while for others forecasting is just one of many responsibilities—Forecast Pro’s broad suite of features and ease-of-use make it well-suited for a forecaster of any ability or comfort level.

Founded in 1986, Business Forecast Systems, Inc. (BFS), is the maker of Forecast Pro, the leading software solution for business forecasting, and is a premier provider of forecasting education. With more than 40,000 users worldwide, Forecast Pro helps thousands of companies improve planning, cut inventory costs and decrease stockouts by improving the accuracy of their forecasts.
More than 12000 companies, from more than 88 countries, for more than 40 000 users!
Usually, in maximum 1 month you can go live with your final project, even earlier, if you ask consultation for implementation from RealForecast.eu
The benefits of using Forecast PRO include increased accuracy and efficiency in forecasting, improved decision-making capabilities, and reduced costs and risks associated with inaccurate forecasts.
Yes, Forecast PRO gives the opportunity to use the full TRAC version, most complex option, for 21 days.
Forecast PRO can be used by businesses and organizations in a variety of industries, including retail, manufacturing, healthcare, and finance.

All Forecast Pro subscriptions include Maintenance and Support. This includes all product updates offering new features and improved functionality—big or small—as well as unlimited technical support via phone and e-mail. All users must have an active subscription to continue using Forecast Pro and receive Maintenance and Support.

Forecast PRO typically provides support and training for its users, including online resources, webinars, user guides, and customer service.
Not really. It’s easy for your organization to take advantage of all that Forecast Pro offers as the premier standalone forecasting solution without abandoning your existing ERP or other planning systems. Forecast Pro can easily hook into any other systems or databases that your organization uses, freeing you from the burden of being stuck with a lackluster embedded forecasting module. With 12,000 organizations using Forecast Pro worldwide, our solution is used in conjunction with virtually every system under the sun!
Usual types of source files are in Excel format, Mlt or ODBC.
Yes, Forecast PRO can be integrated with other software tools, such as ERP systems, BI tools, and CRM software.
On premise, desktop installation. Forecast Pro runs on any Windows-based platform and the application itself has modest requirements. Beyond that, requirements generally scale with the size of the data.
Updates for Forecast PRO are typically released on a regular basis, this includes all product updates offering new features and improved functionality—big or small—as well as unlimited technical support via phone and e-mail.
There may be limitations on the amount of data that can be analyzed with certain versions of Forecast PRO, depending on the specific version selected and the capacity of the hardware being used.
Pentium-based processor or newer—a minimum of 4-8 GB RAM and 2GB hard drive space is recommended. Forecast Pro can be installed on a client machine or server (including Citrix/Windows Server). Native 32-bit or 64-bit versions are available.
Yes, Forecast Pro contains multi language support and available in English, Chinese, French, German, Japanese, Portuguese and Spanish versions.

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