Table of contents:
Single-product forecasting allows you to forecast and simulate what happens if cost or price or any of the covariate values change.
In order for the system to be able to create accurate forecasts, we need at least 1 full year of historical data for the product(s) in question.
How to start single-product forecasting via Pricing Matrix?
Go to the Pricing Matrix
If forecasting is available for a product you will see the price simulator icon at the bottom of the Pricing matrix cell. Click the price simulator icon to start a single product forecast.
Clicking the price simulator icon opens a model, from which you can create a single-product forecast. If you don't see this icon, the module may not be enabled on your account. Single-product forecasting is an enterprise-level feature and requires at least basic AI modules.
How to start forecasting module via product groups?
Go to product groups.
Select any single product group row.
On the action toolbar, click the single product forecasting button.
How to use the single-product forecasting module
To begin click the price simulator icon from either the Pricing Matrix or from Product Groups to open the forecasting module. Once you have opened the forecasting module, you can see the current snapshot on the right.
On the left you will see the current pricing/costs situation. Use the two numeric fields, new price and new costs, to change price and/or costs. These values are absolute and not percentage based. When you change the values in the numeric fields, you will see the graphs repopulate with the information you have provided. The table below the numeric fields will also update.
If need be, you are also able to enable or disable certain covariates in the simulations, and edit their values. If these have an effect, the effect is shown in the graphs.
At the top right, you have the option to switch the view to future forecast. This view displays a three month forward forecast of the product’s or product group’s performance. If you have edited any price/cost values then you will see an additional series with your new data.