Forecasting A Business Problem Literature & Language Essay (Essay Sample)
In this assessment, you need to consider an organisation in an industry of your choice and
articulate the steps this organisation needs to take to enable forecasting for data-driven decision
making.
The report should address:
• Why forecasting would help this organisation given their current operations
• What forecasting techniques you would recommend
• The benefits of this forecasting for the organisation
FORECASTING A BUSINESS PROBLEM
Name:Institution:
Date:
CONTENTS TOC \o "1-3" \h \z \u Introduction PAGEREF _Toc55112063 \h 3Main Discussion PAGEREF _Toc55112064 \h 4Background PAGEREF _Toc55112065 \h 4Forecasting as an essential tool PAGEREF _Toc55112066 \h 4Forecasting technique recommended PAGEREF _Toc55112067 \h 6Benefits of forecasting to an organization PAGEREF _Toc55112068 \h 8Conclusion PAGEREF _Toc55112069 \h 9References PAGEREF _Toc55112070 \h 11
Introduction
With the advancement in technology, many companies in different sectors have come up with innovative ways to improve their sales volume. The use internet and social media have been criticized as many of the consumers get to learn of different products and the companies through social media platforms such as Facebook, Twitter, and my space among many other outlets. Companies have also utilized social media platforms and other communication channels to get feedback from clients in different market segments. It should be noted that the input received by the companies are either positive or negative. As such, companies use the data to improve on their weaknesses and to bolster their strengths in a bid to increase customer satisfaction. This aspect has been critical for online marketing firms such as Amazon and Alibaba, which uses data from their clients across the world to make an important decision regarding the running of the organization. In this case, they utilize the reviews made by their clients on their products and services; hence they have improved their service delivery to meet the needs of the customers. As a result, the companies gained a competitive advantage in their service delivery since their services are customer-oriented. Therefore, to better understand, this paper will focus on why forecasting would help this organization given its current operation, what forecasting techniques to recommend, and the benefits of the forecasting to the organization
Main Discussion
Background
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