Future forecasting

Altimus survey reveals alarming knowledge gap amongst forecasting executives

Tuesday, 19 December 2006

An in-depth nationwide survey of over 100 businesses by business intelligence specialist, Altimus, has revealed that a staggering 82% of forecasting staff are unaware of how their forecasts are generated and put blind trust in forecasting technology.

Other results include:
- 48% consider forecasting technology too difficult to understand
- Over 90% say their forecasting process is too complex
- More than 80% believe it would make a noticeable impact on their business if their forecasting was more accurate.

"Businesses are taking a big gamble if they put sheer blind faith in forecast technology," explains Rob Edmonds, MD of Leamington-based Altimus. "This is information that will be used to make vital business decisions about operational performance and their company's strategic direction, so it's important that the forecasting process is understood from a statistical standpoint for a meaningful interpretation of the results."

With the survey also revealing that more than 80% of executives are unhappy with the accuracy of their current forecasting capabilities and almost half think the technology is too difficult to understand, Altimus is responding with a new online forecasting service set to launch in the New Year.

"To get maximum value forecasting techniques need to be continually adjusted," explains Rob. "It's a specialist task that few companies have the resources to do well and often involves purchasing expensive software, most of which lies unused and has to be maintained.

"It's clear to me that there's a need for an easily accessible and trustworthy online resource that's simple to use and available on a pay-per-use basis. With "4castnow", forecasting experts will constantly monitor the technology and process, allowing companies to take full advantage of best-in-class software and dedicated forecasting professionals as and when they require it, without the costs of employing and training staff and purchasing software."

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