Organizations can make the right decisions and predict their future performance only by using forecasts. But producing a reliable forecast is much more difficult than you might expect.
Since inaccurate forecasts can have a significant impact on shareholder value, consider using tools like business forecasting software to make things easier. An increased accuracy of up to 80% means you can make better decisions more easily.
According to Percypt, collective forecasts are more accurate and therefore more valuable to organizations. With the right software you can collect better data by avoiding groupthink, while still getting the invaluable combined insight of different people across your organization.
Moreover, you can dig deeper with the use of key questions, trend and demographic analysis, rationale comments, and quantitative forecasts. Simply ask the questions that are relevant to your business, and invite the right people, be they stakeholders, staff or experts.
This way, you only get the insight that is the most relevant, through a secure platform that ensures the privacy of all data. You can also group questions together and invite different people to forecast on each of these sets.
An easy-to-use forecasting platform lets your people share their knowledge anonymously so that they feel safe to be completely honest.
Unlike surveys and polls that only capture a moment in time, business forecasts provide information in real-time. Some software types update continuously and allow users to track their forecasts live so that they are able to catch new information right away.