Monthly Forecasting enables Users to set a Sales Forecast by Location by Period by entering in daily values, spreading a Weekly Total value evenly across all days, or even clicking into any date listed to update its Daily Forecast. This forecasting feature is designed to work for Organizations that have their Operational Year setup as 13-4 week periods or 4/4/5 periods so that it can be based on weeks.
Create a Forecast
In creating a new forecast, ensure that the desired Location is selected in the header. The Monthly Forecast will auto-populate the Smart Forecast based on the Current Period and Sales. These values can be overwritten, if desired, by updating their fields.
1) Period - The period that will be forecasted
2) Value - This is currently only available for a Sales Forecast
3) Start With - This will populate the values in the forecast based on the selection made. Options include:
- Smart Forecast - The forecast is defaulted to load with this option. The Smart Forecast uses an advanced algorithm to provide the most accurate starting point for the forecast. The system starts by getting the daily trend percentage between this year and the previous year, which is done by pulling the average Sales by weekday for the prior 8 weeks and then comparing that to the average Sales by weekday for those same 8 weeks the prior year. This percentage will then either increase or decrease the actual values from the previous year for this same period to provide your Smart Forecast
- Prior Yr Actual - This will populate the forecast with the actual values from the same period last year
- Prior Yr Forecast - This will populate the forecast with the forecast values from the same period last year
- Prior Period Forecast - This will populate the forecast with the forecast from the previous period
- Prior Period Actual - This will populate the forecast with the actual values from the previous period
- Set All to 0 - This will set all values in the forecast to $0
The forecasting grid will populate with the selections made. Additionally, data from the previous year can be added to the grid to show a comparison in Sales.
The values that appear in the grid can then be manually updated by entering in unique values, adjusting the current values, or copying values to other rows in the grid.
4) Show Prior Year - When checked, this will display two additional values in each box: the Prior Year Actual Value and the Variance between the Prior Year Actual and the forecast value
5) Copy Top Row Down - This will copy the first row values for each day of the week down to the other rows
6) Apply % Adjustment - This will increase the values in the forecast by the percentage entered in the percentage increase row (#8). This will only update the rows that have been selected
7) Percentage Increase - The percentage amount that the values in each selected row will be adjusted by once the Apply % Adjustment button (#4) is clicked
- Note: Entering in a percentage in the Week Total column will update all daily percentages to this amount
8) Spread - This button will spread the amount entered in the Week Total column evenly across all days
9) Daily / Weekly Forecast - This field is the forecasted Sales for that specific day while the first column will display the entire Weekly forecast. Each of these fields can be manually updated as needed and either copied to other rows (#5) or spread over an entire week (#8)
The bottom row of the grid displays the total forecasted Sales for individual weekdays within the period below its corresponding weekday and the total forecasted Sales for the entire period in the first column.
When the forecast is complete, ensure to save the forecast before closing the window. This forecast can also be downloaded and printed as needed by clicking the 'Print' button.
Click here to navigate to the Daily Forecast training article.