The success of Business “Forecasting first, planning next”
Forecasting is valuable to businesses because it gives them the ability to make informed business decisions and develop data-driven strategies. Most Organizations focus on the current market situation and run their business accordingly. But analyzing the future is a core area for any Business Organisation for Long term survival
This article will give the clarity of the needed analysis of Forecasting. Best MBA courses in Bangalore
Budgeting is about having insights into the functionality along with predicting the trends, combining this data and drawing inference for allocation of resources in such a way that scarcity does not arise.
Forecasting helps in setting goals for the growth of your company. Having goals helps to fulfil the vision of the long-term survival of the company. The need for forecasting helps the organization to adapt to changes and manage the change. Evaluate progress, and adapt business processes so that the company is able to compete with the competitors. Today you start a practice that is a monopoly, but the competitors may copy your practice with a small and a better change, then you may be outdated. Therefore Forecasting helps in bringing the change and managing the change.
For example:-In the Retail Analytics domain will help to identify a month or week where we will need more items in inventory. For example, during the New Year, most of the retail outlets have more items in stock as compared to the rest of the year.
In the HR Analytics domain, forecasting will be used to identify the period to hire more employees, so that projects get utilized. In the Production industry, it would help us know when to launch a new product or service, expected costs and profits surrounding it so that it would help stakeholders to devise a strategically planning upfront.
There are two general methods that Business Analysts use for a forecast depending upon the nature of Business which are: Quantitative Methods & Qualitative Methods
Planning comes next when the forecast is done. The planning process provides the information for top management in order needs to make effective decisions about how to allocate the resources in such a way that will enable the organization to reach its objectives.
Planning helps in
- Setting the goals to meet the objectives of an Organisation.
- Managing Risk and Uncertainty.
- Promotes Team Building and Cooperation.
- Creating Competitive Advantages
- Well planned Organisation.
- TCS has a Growth strategy, well planned and designed.
TCS is an IT services, consulting and business solutions organization partnering many of the world’s largest businesses in their transformational journeys for the last 50 years. It has a global presence, deep domain expertise in multiple industry verticals and a complete portfolio of offerings – grouped under consulting and service integration, digital transformation services, cloud services, cognitive business operations, and products and platforms – targeting every C-suite stakeholder.
The Company leverages all these and its deep contextual knowledge of its customers’ businesses to craft unique, high quality, high impact solutions designed to deliver differentiated business outcomes. These solutions are delivered using its Secure Borderless Workspaces™ (SBWS™) operating model which enables a highly distributed, Location Independent Agile™ delivery.
TCS geographic footprint covers North America, Latin America, the United Kingdom, Continental Europe, Asia-Pacific, India, and Middle-East and Africa. TCS considers industry verticals as its go-to-market business segments. The five key vertical clusters are Banking, Financial Services and Insurance (BFSI), Retail and Consumer Business, Communications, Media and Technology (CMT), Manufacturing and Others. The last category includes Life Sciences and Healthcare, Energy, Resources and Utilities, Public Services and others.
- Panel discussion on BFSI(Banking, Financial Services, and Insurance)Industries work Culture
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