No element of pharmaceutical forecasting is easy but there’s a particular challenge in long-range planning. The range of components involved results in a greater degree of complexity which can allow inaccuracies to creep in very easily. We covered some of the key challenges in a recent webinar, The Forecaster’s Guide to Long-Range Planning, which you can watch here.

How can you overcome these challenges? No forecasting model is perfect but you can improve forecasting efficiencies by investing in tools and systems to streamline processes. Here’s my whistle-stop tour of four ways to make a solid start to finding those long-range planning efficiencies.

1. 1. Use real-time dashboards with real time discussions
      The traditional approach to forecasting is inefficient: working on siloed models, consolidating, putting PowerPoint slides together, presenting, taking feedback, and then repeating the process – probably more than once. Instead, show the forecast results in a customized dashboard, analyze, and explore live and transform the forecasting experience into a live engaging debate with less meetings and forecast iterations.

1. 1. Automate standardized elements of the process
      Bring the production of standard or advanced reports in visualization tools such as PowerBI to your fingertips. This can save weeks or even months across the year. You can also automate the approval process; submit the forecast with a click of a button, the status changes and notifies the reviewer immediately who will review, return, or approve also with just one click. This means you can track the status of the forecasts from multiple countries and view them all in one space and managers can easily see the status of the forecasts at any point in time.

1. 1. Use cloud-based software solutions to connect to a wide range of data sources
      Move your forecasting solution into the cloud using software tools like Microsoft SharePoint and PowerBI. Tools like these can connect to hundreds of different data sources and can provide a central reference point for global and local teams. Any type of data can be shared, uploaded, and linked and blended seamlessly. You can bring in a wide variety of data from customized forecasts, epi, volume and sales data and ‘push’ it into forecast models to make the process easy to understand and transparent. This is a faster, more accurate, way of bringing in large amounts of data and blending.

1. 1. Embrace familiarity
      There are many custom software tools available to support forecasting. But new tools require belief and investment if they are going to be adopted successfully. Forcing an under-pressure team to embrace a new system can be time-consuming and frustrating for all concerned – and it’s not unusual for users to continue to forecast in Excel and then ‘dump’ in the custom software at the last minute. Consider retaining your existing software – probably Excel – and adding extra analytical capability and visualization using programs that fit seamlessly with Excel.

My colleague Amanda Randall and I will be discussing this and much more in our upcoming webinar, Mastering Long-Range Planning Forecasting Processes and we’ll be able to go into much more detail about best practices for long-range planning. Join the session and we’ll work to answer as many questions as we can. I hope to see you there!