What is Forecasting?
Forecasting is a vital part of every business because it helps in obtaining insights for future advantages, strategic planning for upcoming projects, and resource allocation. Forecasting also helps in the prediction of a variety of business variables such as sales, expenditures, expenses, and losses. It leads to the growth of a better strategy based on accurate predictions, thereby protecting the company from potential failure and losses.
Forecasting provides businesses with visibility into data, allowing them to adjust and adapt to future predictions by optimizing resources. Various tools enhance a company’s ability to gather information and gain an overall view of how operations, processes, budgets, and other aspects are currently operating and what should be transformed or improved to achieve future goals and opportunities.
Why is Forecasting Tool Important for Business?
Running a business can be unpredictable even in normal times; add a global pandemic to the mix, and it becomes even more essential to use a forecasting tool for future planning. It is possible that a growing company will say that they are doing well without a forecasting tool. That is why it is important to understand why forecasting tools, particularly Odoo Forecasting, are so important –
- It plays a critical role in pinpointing future high and low demand possibilities.
- It greatly helps in predicting what will happen in the marketplace and in adjusting to market conditions.
- Forecasting is beneficial when entering a new market.
- Forecasting helps to identify profitable business areas in which one can invest.
- Forecasting helps in the establishment of both short- and long-term business objectives.
- It contributes to the development of an adaptable business environment in rapidly changing conditions.
- It helps in determining which major task will contribute to the company’s growth.
How does Odoo ERP Help in Forecasting?
Odoo Forecasting is popular among small and medium-sized businesses because it provides 48% real-time visualization of analytics and other data. Odoo forecasting allows you to stay ahead of the curve and gain an advantage over your competitors. It helps in the formation of a unified reporting system for business processes. It allows users to generate analytical data at any time and eradicates the time-consuming process of manually consolidating multiple spreadsheets. It also enables businesses to automate internal business processes, allowing them to analyze large amounts of data, reduce redundancy, and improve outcome indicator accuracy.
Features Of Odoo Forecasting-
Financial Position of the Business – The annual report option in Odoo gives information about an enterprise’s financial position, performance, and changes in its financial position. It provides a comprehensive picture of the company’s current financial situation and can also help in developing a roadmap for future growth strategies.
Sales Trends Insights- The Odoo Sales report provides crucial information about the present situation, allowing the best course of action to be planned as soon as possible in order to maximize profits. It indicates whether sales have increased or decreased over a given period of time and helps in understanding the business’s sales trend.
Optimization of Procurement Cycle- The procurement report in Odoo enables an organization to explain how its procurement activities give value for money, contribute to the achievement of broader goals and objectives, and provide a comprehensive picture of the efficacy of its procurement strategy.
Profit at Glance- Odoo forecasting can be done using numerous reports found under the measure tab. It generates reports in different formats like lines, pie charts, bar graphs, and pivots. These sorts of reporting can assist you as a responsible individual or manager of a firm in examining revenues and gaining a better knowledge of your profitability at a glance.
Stock Maintenance- Inventory reports in Odoo can assist in forecasting when to place procurement orders, the optimal quantity to keep on hand in order to minimize upkeep, and so on. It reveals a company’s current stock and supply of numerous products.
Cash Flow Forecasting- Odoo Forecasting through cash flow is critical for any company’s survival. Uncontrollable variables can throw off sales predictions in every firm, but a well-organized cash flow plan helps plan ahead for any unexpected expenses.
Add Flexibility in Current Activities- The Odoo forecasting helps in generating reports related to operations done on the basis of purchasing. It allows you to make further decisions related to purchasing and make alterations in the present activities that create flexibility in the current process of business.
With Odoo Forecasting, businesses can anticipate an economic downturn and, as a result, devise a strategy to cut all costs and expenses that will deal them a subtle blow. Every Odoo module includes reporting features that enable you to generate a variety of reports in a variety of formats. This reporting framework will assist you in forecasting and taking appropriate actions to improve your business.
You will be able to achieve a higher rate of on-time full delivery with the help of an Odoo forecast by Bista Solutions. Not only are we Odoo Gold Partners, we also have over two decades of implementation, migration, and customization experience across all industries. Contact our certified Odoo developer team today!