How to Use Special Days to Improve Forecast Accuracy

How to Use Special Days to Improve Forecast Accuracy

Every year, there is a lot of activity in my household before the annual Nordstrom Anniversary Sale.  It’s funny how much time my household gets planning for a department store sale, but its become an annual ritual. As crazy as I think we are, I’m always reassured...
How to Use Special Days to Improve Forecast Accuracy

Five Steps to Improve Forecast Accuracy

In the last two posts in the Retail Forecasting Playbook series, I have talked about measuring forecast accuracy.  Now, let’s turn our attention to improve your forecasts. Below are five steps to help improve the accuracy of your forecasts.  This is a good process to...
How to Use Special Days to Improve Forecast Accuracy

Developing a Solid Forecasting Strategy

What is your forecasting strategy?  Chances are you’ve never been asked that question and the answer is probably not on the tip of your tongue.  Don’t worry.  You’re not alone.  In the rush to implement a workforce scheduling system, few retailers give much thought to...
How to Use Special Days to Improve Forecast Accuracy

The Retail Forecasting Playbook

How do forecasts affect your stores’ schedules? At what point does an inaccurate forecast ruin a schedule? How accurate are your forecasts today? These seemingly simple questions inspire fear in retailers. Most understand that forecasting is the starting point for...
How to Use Special Days to Improve Forecast Accuracy

3 Ways to Fractionalize Labor Costs to Drive Profit

Recently, I was speaking with an Australian client who introduced the term “fractionalization” to me.  The concept is pretty simple: how do you maintain or decrease costs while increasing volume.  While Australian retailers like Woolworths (grocery) and Myer...