Sales forecasting helps you understand historical trends, identify seasonal patterns, and estimate future sales performance. It allows you to compare expected sales with previous periods, identify potential growth opportunities or declines, and use data-driven projections to support planning and decision-making.
Prerequisites
Before creating a forecast, make sure you:
- Have an active ELECTE workspace
- Have connected a data source or imported the required data
- Have sufficient historical data for the analysis
Create a Forecast
- Sign in to your account.
- Select Forecasts from the sidebar.
- Choose Sales Forecast.
- Choose a prediction method.
Choose a Prediction Method
ELECTE provides five prediction methods. The best method depends on the type of data you are analyzing and the outcome you want to achieve.
For example, if your sales data follows recurring seasonal patterns, you may want to select the Seasonal method.
Consider the characteristics of your data when choosing a method rather than using the same method for every forecast. To learn more about the differences between the available methods, see Choosing a Prediction Method.
Review Your Forecast
Once the forecast is generated, you can review the results in the forecast overview.
The main chart shows your historical data alongside the forecasted values, making it easier to compare past performance with projected results.
You can also review key metrics, such as:
- Current values
- Predicted values
- Growth rate
- Model accuracy
Add or Update Data
You can add data manually through Data Management or import data directly when working with a forecast.
For example, if you need to add sales data for May 2026, you can import the new data without uploading an entirely new dataset.
Once the data is updated, the changes are applied to the forecast.
Tips and Best Practices
- Use relevant historical data. Forecast quality depends on the data available for analysis.
- Consider seasonality. If your business follows recurring patterns, choose a method that accounts for them.
- Try different methods. If you're unsure which prediction method works best, compare the results of different methods.
- Keep your data up to date. Add recent data before generating or reviewing a forecast.