In making sound business decisions, organizations need to be able to access applicable, accurate and timely information on the economic and demographic factors. As Steve Player, executive director of the Beyond Budgeting Round Table, sees it, “Companies need to understand the forces that shape the size and direction of markets to make informed decisions on which ones offer the most bang for the buck.”
All companies are impacted by today’s fast-changing global economy and need to look beyond their own four walls for their specific demand drivers. With so much riding on forecast accuracy, why are so many companies still ignoring this critical component and accepting forecast inaccuracy as their foundation?
To make the right market decisions, organizations must apprehend and comprehend an enormous amount of complex and constantly changing exogenous data. Why is this important? Because there may be risks that are brewing in a particular market that may eventually affect a company’s sales in that region. Among these risks are macroeconomic and microeconomic conditions. Everything from local weather to the global economy affects supply and demand. In today’s volatile business environment, it’s vital that companies take every factor, not just their own historical date, into consideration to remain competitive.
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