Business forecast is a scientific management discipline of business orientation leading toward a seamless business transformation.
Forecast is critical to navigating the organization into the uncharted water or blurred digital territories: Information is one of the most invaluable business assets. It’s important to link information management to multiple business domains within the enterprise and their business partners. Information management fluency directly impacts the responsiveness and speed of the company. It takes a step-wise scenario of information –insight/foresight to improve forecast accuracy. Business management should identify the right information, validate it and communicate it to the right people at the right time to grasp opportunities, manage risks effectively.
Forecast logic is contextual and multidimensional; it can be bottom up and is much broader in a sense that it covers varying areas with a lot of potential. The accuracy of the forecast will depend on the completeness and quality of the input information and people’s analytics skills to make sound judgment. The highest level of future sensitivity of the business comes from appreciation of the whole business conditions and situations which rely heavily on leaders’ information-savvy, ingenuity, knowledge, and expertise to lead toward ”effective judgment."
Look for something “hidden,” which is not always so obvious, in order to make better assumptions or improve forecast accuracy: The business context reflects both complexity and chaos, each of these contexts requires in-depth collective insight and foresight into effective decision making. Organizational professionals have to ask logical questions, discover hidden logic, identify patterns, forecast upcoming changes with a certain degree of accuracy, explore business transformation in all directions.
Forecast and foresight should be an ongoing conversation. Information is only the technical part of the story. People - insightful leaders and professionals are the ingenuous factor to make better forecasts. They have to keep evolving and gaining broader and in-depth views, discovering unexpected connections between the business and its rich environment, shaping the future together collaboratively.
The digital era upon us is about choice and people-centricity. It’s important to bring people together in a common and committed effort, and move people in the right direction. Forecast marketing potential of new products or services. Forecast the professional cognitive/attitudinal/behavioral competencies required to achieve organizational strategic goals. With all these business insights, organizations can acquire abilities to reshape new products, services, improve customer engagement, and make better choices to unleash business potential.
The digital paradigm arises out of abundant information and fresh knowledge. Organizations can harness the power of information to provide the business with a more fact-based vision of where to aim and how to get there. Business forecast is a scientific management discipline of business orientation leading toward a seamless business transformation.
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