SigmaWay Blog

SigmaWay Blog tries to aggregate original and third party content for the site users. It caters to articles on Process Improvement, Lean Six Sigma, Analytics, Market Intelligence, Training ,IT Services and industries which SigmaWay caters to

Predictive Analytics: Big Help for Small Business

Predictive Analytics is making its entry into the toolbox of small companies. Predictive Analysis is a three-part formula- analysis of past performance of situation under consideration, understanding the present and applying the past to present to predict the future. For small businesses, it can be applied for customer retention, target marketing, demand forecasting, and overall marketing. However, it is crucial to ascertain the purpose for using Predictive Analysis, as the technology may not necessarily be right for every company or for every situation in the small business sector. Read more at: http://www.smallbusinesscomputing.com/News/Marketing/can-predictive-analytics-help-your-small-business.html

 

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Some Tips To Make Demand Forecasting More Accurate

For any business, demand forecasting is an important function. Demand Forecasting is the activity of estimating the quantity of a product or service that consumers will purchase in near future. It helps you to order inventory and arrange staff for fulfilling customers need.

According to Peter Daisyme (Co-founder of Hostt), some ways to make demand forecasting more accurate are:

• Use the right set of data for making decisions.
• Consider the variables like the seasonal trend, random trend, economic conditions, etc.
• Know your customers and business.
• Each year, you should refine your demand forecasting technique.
Read more at: http://www.entrepreneur.com/article/244823

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