Business Planning and Forecasting: Setting Up for Success Amid Rising Economic Volatility
In this report, we explore the current state of planning and forecasting processes in retail, including the impacts of the Covid-19 pandemic. We leverage findings from a Coresight Research survey of planning and forecasting decision-makers across brands, retailers and manufacturers in the US.
Our research highlights the following key findings:
- Covid-19 has impacted planning processes. Almost eight in 10 (76%) respondents said that the pandemic has at least “somewhat” impacted their planning and forecasting processes.
- Macroeconomic challenges outweigh internal challenges. Some 39% of respondents cited an inability to incorporate real-time economic changes into business planning as among the top three challenges they have faced since the start of the pandemic.
- Businesses can benefit from improving their use of external economic data. Just over half (52%) of respondents cited using external economic data for planning and forecasting processes. Only 12% of those respondents are currently using specific economic data identified as leading indicators unique to the business.
- Organizations are stepping up investments across major business verticals. Investments are broadly on the rise versus pre-pandemic levels. Topping the list is technology, with 67% of respondents citing that their organizations are investing more or much more now than before Covid-19.
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About Prevedere, Inc.
Prevedere is the world’s leading provider of predictive analytics technology and solutions based on econometric modeling, enabling intelligent enterprises to understand and quantify the impact of external factors as part of their strategic planning and forecasting. Our global data repository and patented AI platform enable financial executives and operational planners to identify market drivers, quantify the future impact of economic volatility, generate performance forecasts, and optimize plans based on market foresight.
Prevedere’s automated AI model monitoring provides an early warning system when unplanned market shifts and anomalies are predicted, enabling planners to future proof business performance. Many of the world’s leading consumer packaged goods, retail, logistics, and manufacturing companies leverage Prevedere to generate economic intelligence, spot market opportunities, mitigate risks, and deliver exclusive competitive advantage.