Whatever tool being used (and there are thousands of them!) the starting point should be a review of the fundamentals of system design. The following factors determine the Forecasting Approach and Solution for any Company.
- Company Structure
- Industry & Market
- IT Architecture
- Dimensions, Levels & Timeframes
- Data Streams
Is Forecasting Art or Science?
A Balanced Approach
It is easy to overindulge / ignore either approach. The trick is to obtain the best balance of planning strategy for your supply chain. First and foremost create a solid foundation (science) and from a decent baseline create better numbers using planner skill and judgement (art).