Statistical forecasting allows your business to use data from business transactions and operations to improve your efficiency and maintain successful business practices. One easy way to keep track of your business statistics and make accurate projections for the future is by using statistical forecasting software.

Statistical forecasting software is just one of many statistical forecasting solutions. While your business can hire a consultant to complete your forecast for you, many software programs can integrate financial forecasting software with other business records functions to provide a comprehensive management solution. Many software programs also offer extensive support if you need additional help with your program for forecasting.

When shopping for statistical forecasting software, consider doing the following:

1. Look at demand forecasting solutions that offer extensive features and services;

2. Shop for a program that combines management and planning with your forecast;

3. Try alternatives to standard software programs for forecasting innovations.

Action Steps
The best contacts and resources to help you get it done

Get a forecasting statistics program with broad features and support

Many demand forecasting software programs offer more than just your basic forecast data options. A good program should be easy to access and use, and should offer broad business forecasting features for a range of business types. Some programs also offer outside support and training, with online services available as well.

I recommend: Just Enough offers UnLimited, a downloadable forecasting statistics software program that does broad-scale business forecasting. Forecast Pro is another software brand that additionally offers online demos, outside events and training, and online support for its software.

Fit statistical forecasting solutions in to your management plan

Statistical forecasting solutions can easily be expanded to meet comprehensive management needs with advanced software programs. Choose a program that integrates business forecasting software with other business services such as strategic planning and goal management to make the best use of your business software programs.

I recommend: SAS offers a variety of econometrics and time forecast options to allow your business to input and track a range of data over time, including product demand information and other trends. Cognos also sells comprehensive planning software that integrates strategic planning and budgeting for complete statistical forecasting solutions.

Explore innovative options for forecasting statistics

A traditional software program is not the only way to go with forecasting statistics. Many companies offer traditional software alternatives, including online statistical forecasting that allows you to enter and analyze data in a web-based program and a forecasting plug-in that you can use with existing business software.

I recommend: Another Just Enough product is OnDemand, a web-based application offering online data management and forecasting. If you need additional support in selecting demand forecasting software, Microsoft will offer suggestions for demand forecasting software based on a company profile you input online. Lokad, a plug-in for your existing tools, offers a free 30-day trial of its program so that you can test this alternative data management method.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Get a good program for statistical forecasting early in the lifetime of your business, especially if you are running a small business that may require a loan or other financial assistance. Forecasting software can provide an effective way for you to keep records of all of your informed budgeting decisions and make it easier to provide the documentation needed to get a loan or expand your business.