Precision Matters In Demand Forecasting

By Erin Harris, Integrated Solutions For Retailers magazine

Your goal for forecasting in retail should not be perfection; that would be unrealistic. Instead, you must do your best to generate forecasts that are as accurate and unbiased as possible. And, you must do so as efficiently as possible. To achieve these goals, retailers need to consider other strategies that can be used in conjunction with forecasting methodologies. Andre Martin, CEO at RedPrairie Collaborative Flowcasting Group, answers our questions about the importance of demand chain precision in today's market.