Salesforecast  

Definition 

The sales forecast (also sales forecast or sales projection) refers to the prediction of future sales figures of a product or service. The sales forecast is an important planning and decision-making tool for companies to plan their business strategies and resources. 

The sales forecast is based on the following data, among others:  

• Historical sales data 
• Market trends 
• Sales forecasts for similar products   

Calculation of the sales forecast

There are various mathematical models that can be used to calculate the sales forecast. These models are based on the analysis of historical data and other factors. With the help of artificial intelligence, large amounts of data can be analyzed to forecast the sales forecast even better. In addition to internal company data, external influencing factors such as weather data or public holidays are taken into account in the sales forecast, for example.  

The sales forecast is used for various purposes, e.g. for  

• the inventory planning  
• the production planning  
• the financial planning 
• sales planning 

Importance of the sales forecast for the food industry 

In food production, an accurate sales forcast is important for order and production planning. The more accurate the sales forecast, the less overproduction and the better the availability of goods. In this way, foodwaste is actively reduced. An accurate sales forecast also saves resources such as energy and raw materials.