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Sales forecasting is a critical responsibility of any business. What exactly is a sales forecast? Essentially, it is a method of analyzing data to make predictions for future sales. Data examined includes customer profiles, geographical information, seasonality, the current condition of the economy, population changes, and productivity leads. All of this data is compared to the historical data of previous years. Through this comparison, businesses predict returns on investments, make production plans, gain knowledge of customers and consumer goods, and increase customer retention. While collecting all this information, an effective business increases efficiency using a group effort.
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