Cupertino, CA -- (SBWIRE) -- 02/20/2015 -- Forecast Errors newsletter reported that sales forecasts are not just toting numbers and planning for a peak retail season has been fine-tuned to the last detail. According to Prakash Menon in a special feature for GulfNews.com, one must be absolutely forensic about daily sales forecasts in the lead up to any major festive day as this number will determine staffing and inventory levels. If sales forecasts are not rigorously planned and regularly monitored, holding a "sale event" could be detrimental to the business. There are the extra wages that would need to be paid and the issue of unsold stock clogging the pipeline. This is exacerbated during any festive season when extended trading hours and greater consumer spending creates the need for stronger and more frequent due diligence around stock and staffing levels.
Forecast Errors, a weekly e-newsletter, sponsored by Ultriva, Inc. shares methods, modes, and tools used to inform Manufacturers' of forecast errors that they face on the manufacturing floor, and with a variety of supply chain industries. The newsletter explores forecast errors as the difference between the actual and predicted value. Forecast Errors argues that what separates best-in-class companies from those that struggle with accuracy is how they root out (and learn from) forecasting errors.
A forecast error is the difference between the actual and predicted value. The consequences are expensive inefficiencies that can be resolved with lean manufacturing technology.
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Ultriva's (http://www.ultriva.com) cloud-based platform leverages seamlessly integrates with leading ERP and MRP systems, to deliver an end to end pull based replenishment solution. Ultriva, based in Cupertino, CA, implements a global demand driven manufacturing model by providing full visibility, scheduling, and sequencing of production of customer orders. Ultriva was named one of the Great Supply Chain Projects of 2014 by Supply & Demand Chain Executive magazine and recently named one of 50 Best Supply Chain Blogs of 2014 by SupplyChainOpz. The company's global footprint is increasing rapidly with implementations in wide variety of industry sectors and enterprises such as Magellan Aerospace, CareFusion, Emerson, Ingersoll Rand, McKesson, Triumph Group, Regal Beloit, Thermo Fisher, and more. Follow Ultriva on Twitter at @Ultriva.