An accurate forecasting system is not only crucial to building the retail budget but also in providing quick visibility into unpredicted trends during the year in progress. React, adjust and stay on track!
Retailers, learn how a robust budgeting system with the right elements allows you to put your best plan in action and adjust as needed to manage to your goals.
Now more than ever, see why the process of creating and managing the retail budget must be flexible to respond to whatever unforeseen events unfold.
In this final Moneyball series post, we describe similar approaches between sabermetrics in baseball and retail, highlighting how retail leaders utilize what-if technology to examine labor changes.
The Moneyball series continues! Just as sabermetrics provides predictions of future performance for a given baseball player or team, retailers can use sophisticated AI and machine-learning forecasting to accurately predict retail performance. Get in the game!
Using the concept of sabermetrics as seen in the hit baseball movie Moneyball, it is possible to draw the parallel to engineered standards and performance management within retail. We explore this correlation and how the ever-increasing need to minimize labor costs and increase productivity and output makes these elements critically important for retailers.