Transparency supporting improved decision-making
Through good forecasting platform design, which allows for effective assumption audits, means the rationale, and associated validity of forecasts can be easily assessed and used as a basis for productive debate when developing the forecast.
Consistency across the organisation
By aligning the forecasting approach across functions, regions and business processes it allows best practise to be adopted consistently. This improves the quality of the forecasts and allows for an easy common view of the forecasts across the business.
Time saving throughout the organisation
Developing a common platform results in significant time savings and more time can be spent on reviewing and discussing forecasts. Forecasting platforms can feed directly into other stakeholder systems, and remove the need for copy paste data management, which can lead to errors.
Better risk mitigation by KPI monitoring/scenario planning
A well-designed forecasting platform should integrate KPIs so that these can be easily tracked and the drivers behind any disconnects identified. In addition well designed scenario functionality will allow for key strategies to be tested and explored.