Forecasting for restaurants is the process of using data from the past to predict future sales within a given period. This information can be used to make decisions. This information can be used to make decisions about menu changes, staffing levels, supply needs, and even promotions. The Foodservice Forecaster acts as an industry-specific resource that serves its diverse participants.
The goal is to make tangible improvements in shared supply chains and, therefore, to help all the companies involved. An important conclusion that emerges from the experience of using the system has been that effective IT solutions, which facilitate the preparation, dissemination and review of forecasts, are a good basis for starting more general discussions on the joint development of companies. When visibility is improved, potential problem areas can be identified more efficiently in collaboration with other participants. For example, some food service companies have managed to improve their own operations by identifying problems in the planning of their menus when the projections that have been introduced into the centralized system have not coincided with the actual purchases.
On the other side of the equation, suppliers can better predict peaks in demand. Even ensuring a single correct delivery of several thousand kilograms of potatoes or chicken has a commercial impact, whether the result is less food waste, fewer sales losses, or fewer sales at discounts. Forecasting is valuable for companies because it allows them to make informed business decisions and develop data-based strategies. Financial and operating decisions are made based on current market conditions and predictions about the future.
Previous data is aggregated and analyzed to find patterns, which are used to predict future trends and changes. Forecasting allows your company to be proactive rather than reactive. Walmart's innovative work has covered areas such as forecasting, collaborative planning, forecasting and resupply (CPFR), supplier-managed inventory (VMI) and radio frequency identification (RFID). Inventory forecasting helps companies find a balance between having too much cash tied up in inventory and having enough inventory to meet demand.
At BAASS, Remington works in the Marketing Department as a marketing coordinator and uses her knowledge and creativity to plan and execute marketing material with her team to inform customers about the services and solutions that BAASS offers. The basic premise of inventory forecasting is to analyze the historical demand for your products and forecast the quantity you will need to meet customer wishes. Forecasters are creating more complex tools, such as advanced computer-based simulations and futures markets, to create demand forecasts. Excel also includes a forecast function that calculates the statistical value of a forecast using historical data and assumptions of trend and seasonality.
Foodservice Forecaster is an effort to help catering companies and suppliers work more effectively with each other: suppliers see peaks in demand well in advance, while catering companies have more peace of mind knowing that they will be able to get the supplies they need.