The setting of an arbitrary blanket target of say +/-5% forecast accuracy highlights that an organisation does not truly understand the nature of forecasting. Explore the key responsibilities of forecasting and how to take a holistic view when setting measures of success. Learning outcomes include:
- What does good look like? Explore the key characteristics of an ideal forecast and key considerations to develop understanding and learning.
- Define your purpose. Understand how forecasting can support your business strategy and impact it can have on customers and colleagues.
- Creating the right measures. Understand different perspectives and develop a holistic framework of success measures.
This course is part of the “strategic analyst” series of webinars, designed to help everyone in analytical roles become a more active contributor to their organisation’s strategic narrative.
In this webinar we will explore:
- What is strategy
- Benefits of working at the strategic level
- Making sense of your organisational strategy
- Forecasting with you strategy in mind
- Influencing strategy through forecasting
This module provides an introductory understanding of:
- the fundamental inputs and outputs of the forecasting processes.
- the role of forecasting within the planning cycle
- the characteristics of best in class forecasting teams as evidenced through The Forum's Standards Benchmarking programme
In many organisations forecasting is limited to volumes of contacts or work, but we can do so much more. Whether we are forecasters or analysts, applying these techniques to our other metrics can open up a wealth of opportunities for improvement.
- Learn how using forecasting techniques can open up new opportunities in your organisation.
- Hear how innovation awards finalists are putting this into practice.
- How to Identify Sample Bias & ensure you reduce the likelihood of bias
- The impact on your data and insight validity from Sample Bias and the potential impact to your business
- Common Sample Bias issues to look out for
Before setting targets and goals it is important that these are aligned to strategies that support your organisational goals. In this module;
- Understand your organisational goals
- See how to balance your strategies
- Learn how to align the right metrics and targets to your strategies
Introduction into shrinkage calculations, tiered shrinkage, historical tracking. Understand the importance of calculating shrinkages so they are optimised for your operation the key differences and impact on your resource requirements
- What is included in shrinkage?
- The importance of calculating shrinkage correctly.
- Which method should you use for planning, budgeting.
Our best practice framework for data, analytics & insight, has the Scientific method at its heart and draws inspiration from methods that drove success with the planning framework last year. In this module we;
- Explore the scientific method
- Introduce our new insight cycle
- Share an exercise to identify the gaps and opportunity in your data, analytics and insight processes.
Learn the role planning plays in implementing your strategic objectives. Understand the importance of your role and how you can help others.
- Understand how the strategic objective is implemented into a forecasting, scheduling and real-time plan.
- Learn about the importance of effective data checkpoints, change governance and hand-overs
- Play a part in driving continuous improvement and become the nerve-centre of the business
The basis of a best practice scheduling strategy is a clear understanding of the volatility of workload and the amount of flexibility to need and can afford. This module introduces you to theoretical models and calculations to understand your flexibility need. Learning outcomes include:
- What does volatility & flexibility mean and the importance of defining these for your business.
- How to calculate the volatility of demand and amount of flexibility available
- Understanding different flexibility needs based on different starting positions, e.g. annually and daily, compared to average, compared to budget