--- title: Forecasting Software description: Discover how a forecasting software helped a store owner optimize inventory, increase revenue, and save time. Learn about the industry success and outcomes in this case study. image: https://foretodata.com/wp-content/uploads/2024/03/image-3-1024x674.png --- [Skip to content](https://youngbrothers.us/blog/forecasting-software#main-content) [![3](https://youngbrothers.us/hs-fs/hubfs/3.jpg?width=500&height=312&name=3.jpg)](https://youngbrothers.us/) - [Home](https://youngbrothers.us/) - [Blog](https://youngbrothers.us/blog) - [About Us](https://youngbrothers.us/en/about-us) - Who Do We Serve? 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Show submenu for Who Do We Serve? - [Business, Analytics, and Marketing Consulting](https://youngbrothers.us/en/marketer) - [Retail, Ecommerce, and Craft Sellers](https://youngbrothers.us/services-for-retailers-and-craft-sellers) - [Home Service Providers](https://youngbrothers.us/en/home-service-provider) Aug 22, 2024 2:58:04 PM # Forecasting Software [James Young](https://youngbrothers.us/blog/author/james-young) Share: [facebook-f icon](http://www.facebook.com/share.php?u=https://youngbrothers.us/blog/forecasting-software) [linkedin-in icon](http://www.linkedin.com/shareArticle?mini=true&url=https://youngbrothers.us/blog/forecasting-software) [Twitter icon](https://twitter.com/intent/tweet?url=https://youngbrothers.us/blog/forecasting-software) [pinterest-p icon](http://pinterest.com/pin/create/link/?url=https://youngbrothers.us/blog/forecasting-software) [envelope icon](mailto:?body=https://youngbrothers.us/blog/forecasting-software) **Case Study: A store owner wants to optimize their inventory to sell more in upward trending or seasonal products, avoid over stocking down-trending products, and save time from personally making 100s of forecasts.** **Step 1: I built a forecasting app that handles all technical parts of the forecasting process** **Step 2: Consulting with business owner to build strategy, structure the data, evaluate models, and choose the best forecasts** **Step 3: Measure savings an increased revenue by using the best model rather than the base model or field led forecasts. Continue to refine the models and process.** ### Industry Success **Forecasting is one of my areas of expertise and was one of my strongest focuses while working at NetApp. I forecasted thousands of different SKUs split out by geographic area at multiple distances into the future. My forecasts cut error size 30-50% relative to the field led forecast.** ### **Outcomes of Value from this Case study** - **While the models here are limited relative to what I have done at NetApp, we already see a ~50% drop in error between the best and worst models** - **80% and 95% prediction intervals to handle “what-if” scenarios and quantify uncertainty** - **Time savings to put into more creative and human-centric tasks** ![](https://foretodata.com/wp-content/uploads/2024/03/image-5-1024x498.png) **Step 1: I built out and end-to-end forecasting app to take user data, back-test different forecast models, and provide tools to pick the best forecasts for planning going forward.** ![](https://foretodata.com/wp-content/uploads/2024/03/image-3-1024x674.png) **Step 2: Evaluating models on backtest performance to pick the most accurate model.** We see that the ARIMA model (pink line) and ETS model (green) are both significantly lower in error (WMAPE) relative to the more basic models. ![](https://foretodata.com/wp-content/uploads/2024/03/image-7-1024x370.png) **Step 2 Continued: Picking the best model and planning based off of its forecasts.** We can use the app to see how different models forecast the forward looking numbers for different products. ![](https://foretodata.com/wp-content/uploads/2024/03/image-8-1024x502.png) **Step 2 Continued: Finding insights about the biggest movers. **Preparing for new trends or seasonal swings can help you capture new opportunities and investigate potential drop-offs. ![](https://foretodata.com/wp-content/uploads/2024/03/image-9-1024x704.png) **Step 3: Download forecasts for record keeping, plan based on best-model values.** As the actual sales develop, compare them to the forecasts and measure your improvement over base model forecasts to quantify the financial value of more accurate forecasts. 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