The Forecasting Manager serves as the lead of a forecasting working group. The primary responsibility of this individual is to implement the forecasting process and provide objective short-term and long-range forecasting models, standards and guidelines to the Product Team. This includes the design, construction and implementation of forecasting models for specific brands. When working with the group, the Forecasting Manager must have the ability to quickly assess the major issues surrounding each forecasting problem, understand the decisions the forecast will impact, and recommend a forecasting approach. In addition, the manager should be able to identify the information/data required, and to articulate any secondary and/or primary research required to support the forecasting process.
The Forecasting Manager may be required to hire external consultants to complete forecasting projects. Also, this position will require the continuous evaluation of new forecasting techniques, and technologies through internal/external networking, and attending forecasting and industry seminars.
Major Responsibilities of Forecasting Managers are:
- Understand and implement forecasting and business planning processes;
- Identify key business issues that impact short-term and long-range product and market forecasts;
- Design primary research techniques to understand business drivers and how research results should be integrated into a forecast model;
- Create product-specific long-range forecasts models (incremental and absolute);
- Maintain up-to-date forecast models, reflecting current data/information/assumptions;
- Understand any promotional response models developed for their specific product;
- Educate others in the appropriate use of forecasting models;
- Compile and analyze secondary marketing and sales data;
- Create long-range forecasting models and benchmarks;
- Educate others on the appropriate use of these technologies;
For forecasting to be valuable to a company or a business, it must not be treated as an isolated exercise. Rather, it must be integrated into all facets of an organization.