We`ve broadly discussed sales forecasting in our data analytics blog. But there is something we didn’t cover up to date and this is demand forecasting. Are there any differences between them? And if yes, how they complement each other.
We`ve already discussed how data analytics & sales forecasting might help restaurant managers to improve their business performance so we are moving in a specific case like cake & pastry shops. Their case is pretty specific, hence interesting.
Imagine you are selling boots and when it gets cold, the boots demand is naturally skyrocketing. This is for sure but if you are a store manager you`d like to have simple answer of a simple question:
How to make proper demand planning that actually works for seasonal businesses and products?
To have a crystal clear notion of upcoming restaurant sales is crucial for efficient business. Sales forecasting is addressing this very issue with some interesting approaches.
It is true that a restaurant owner knows his business better than anyone. But it is also true that there are some wastes, not matter how good you are into business planning which is also time consuming. This is what sales forecasting is doing for restaurants – it manages the tiny balance between the necessary stock products sufficient to meet the customers demand while keeping wastage levels to a minimum.
Suggestions & recommendations are products of data analytics and forecasting. This is how they made it
Every online store is eager to offer you something more based on the interest you show to one or another product. Typically we are giving a brief looking at the recommendation and often we find it useful and sometimes we even take advantage of it.
How they made it?