Forecasting: the Future of Retail
At some point in our lives, everyone has wished for the ability to predict the future. Whilst, unfortunately(!), our skills can’t extend to your personal life and important questions such as the finale of Game of Thrones, the ability to predict your organisation’s future doesn’t have to be a far-fetched dream.
Wait, I don’t have the in-house resources to support forecasting
To remain competitive in today’s marketplace, guesswork and estimations are no longer enough. There’s a careful balance to ensure you’re always ready to meet demand whilst reducing business overheads. Remember, customers are fickle. Whilst you may think yours are loyal, if they’re faced with an out-of-stock product on your website which is still available from a competitor, you can bet they’ll drop you like a hot potato. And once you’ve lost them for that purchase, can you be confident they’ll come back?
How else can data science support my business?
It’s so easy to get yourselves set up with better forecasting thanks to Amadeus. If used and responded to effectively, you can be confident in the following:
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Optimised stock levels to avoid wastage whilst continuing to meet demand
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Easy prediction of how many customers are at risk of leaving your business
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Prediction of sales growth to allow you to proactively respond to future demand.
Yes, I need better forecasting in my business
Our experience shows us that many businesses, particularly start-ups and fast-growing companies, appreciate the potential of forecasting but just don’t have the expertise or resources available to support it in-house. And that’s where Amadeus comes in! Our solution overcomes many of these common challenges, which we’ve discussed in more detail here. In doing so, we’ve helped our retail customers avoid the most common industry pitfalls. Any of the following sound familiar?
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My data is too focused on the past, I want to project into the future
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I need to better understand which products are likely to sell
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I’m struggling to understand the future demand for our services
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I’m not yet able to access the full value contained within our data
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Our current sales forecasts are inaccurate, risking us making the wrong decisions to maximise growth.
The flexibility and cost-effectiveness of Amadeus’ forecasting solution is what makes it so powerful for our customers. It can be tailored to your needs, ensuring you get the right balance for your business. So, go on, what are you waiting for?
