How to Use the Trend Tool on Your Forecasts
In this tutorial, we will explore the Trend tool on the forecast page, a powerful feature that allows you to compare different periods and assess changes in your sales.
Accessing the Forecast Page
To get started, navigate to your forecast page. Once there, you can open a specific forecast to access the forecast settings.
Overview of the Trend Tool
The trend tool allows you to compare a selected period to an earlier period to determine if there is an increase or decrease in your sales. The most common use is comparing the current year to the previous year, but you have the flexibility to choose different time frames.
Selecting Date Ranges
Within the trend tool, you can select date ranges for comparison. For example, you might compare the last 30 days to the same period last year. The tool will display the percentage change, indicating whether you are up or down.
Applying the Trend
Click the Save & Apply button to apply the calculated trend to your adjusted velocity. This adjustment is reflected in your sales graph, allowing you to visualize the impact of the trend on your future sales forecast.
Using Trend Tool with Other Velocity Types
You can also use the trend tool in conjunction with other velocity types, like manual or last year's sales. This allows for a more comprehensive analysis, considering various factors that may influence your forecast.
Exploring Different Options
The trend tool offers various options, including the last seven days, previous period, and year-to-date. Choose the option that aligns with your analysis goals. Year-to-date is a commonly used option, but explore others to suit your specific needs.
Applying the Trend Tool to Multiple Forecasts
Once you've configured the trend tool to meet your requirements, remember to save and apply your settings. This ensures that the trend analysis is applied to the grouping of products you are examining.
In conclusion, the trend tool is a versatile feature that enhances your forecasting capabilities. Experiment with different settings to gain insights into your business trends and make informed decisions based on historical data.