Sales Forecasting and Monitoring in an Engineering Services Company

Abstract

Forecasting is a powerful business tool when used appropriately. It helps to provide a vision of the expected outcome of any business metric such as sales. The current forecasting process of an engineering sales company was studied to identify areas of opportunities and a new process was developed to address the existing gaps. As a result of implementing a robust forecasting process, there was significant increase in forecast accuracy and reduction in management planning time. Key Terms ⎯ forecast accuracy, lack of standardization, planning time, process robustness.