What are the minimum data requirements for a basic, advanced, and professional demand forecasting system?
While forecasting systems can be categorized as basic, advanced, and professional, there are no hard and fast rules about the minimum data requirements for such systems. In our view, what tends to distinguish forecasting systems is not so much the type of data they require, but such capabilities as: • How the system handles special cases (e.g., holidays, special events) • The flexibility of the system (e.g., data handling capabilities, ability for users to override forecasts) • The presence or absence of performance monitoring capabilities • How information is presented to the user • The techniques by which seasonality and trend are incorporated • The ways in which the system can be used • More advanced forecasting systems do tend to make forecasts at a more detailed, or disaggregated level. This allows the forecasts to be combined in more ways and provides a system that is more adaptive to changing user needs. We have developed a new approach to understanding and forecasting customer
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