Forecast manager

Forecast managers have a deep understanding of the operations of the company, the inventory levels, production batches, requirements and costs of production per product, and trends in the demand levels. They use all that information in combination with forecasting software in order to define production orders aiming for the most efficient production combinations.

The following job titles also refer to forecast manager:

analytic and forecasting manager
demand planning manager
forecasting and analysis director
forecast and planning analyst
forecast analyst
forecast planning manager

Bachelor’s degree is generally required to work as forecast manager. However, this requirement may differ in some countries.

ISCO skill level is defined as a function of the complexity and range of tasks and duties to be performed in an occupation. It is measured on a scale from 1 to 4, with 1 the lowest level and 4 the highest, by considering:

• the nature of the work performed in an occupation in relation to the characteristic tasks and duties
• the level of formal education required for competent performance of the tasks and duties involved and
• the amount of informal on-the-job training and/or previous experience in a related occupation required for competent performance of these tasks and duties.

Forecast manager is a Skill level 4 occupation.

These occupations, although different, require a lot of knowledge and skills similar to forecast manager.

purchasing manager
resource manager
supply chain manager
ICT vendor relationship manager
business economics researcher

These occupations require some skills and knowledge of forecast manager. They also require other skills and knowledge, but at a higher ISCO skill level, meaning these occupations are accessible from a position of forecast manager with a significant experience and/or extensive training.

This knowledge should be acquired through learning to fulfill the role of forecast manager.

Financial forecasting: The tool used in performing fiscal financial management to identify revenue trends and estimated financial conditions.
Corporate social responsibility: The handling or managing of business processes in a responsible and ethical manner considering the economic responsibility towards shareholders as equally important as the responsibility towards environmental and social stakeholders.
Supply chain principles: Characteristics, operations and resources involved in moving a product or service from supplier to the customer.
Supply chain management: The flow of goods in the supply chain, movement and storage of raw materials, work-in-process inventory, and finished goods from point of origin to point of consumption.
Supplier management: The methods and techniques to ensure that external services and configuration items, which are necessary for the service delivery, are available as requested and as agreed at the service level.

These skills are necessary for the role of forecast manager.

Manage supplies: Monitor and control the flow of supplies that includes the purchase, storage and movement of the required quality of raw materials, and also work-in-progress inventory. Manage supply chain activities and synchronise supply with demand of production and customer.
Identify suppliers: Determine potential suppliers for further negotiation. Take into consideration aspects such as product quality, sustainability, local sourcing, seasonality and coverage of the area. Evaluate the likelihood of obtaining beneficial contracts and agreements with them.
Order supplies: Command products from relevant suppliers to get convenient and profitable products to purchase.
Maintain relationship with customers: Build a lasting and meaningful relationship with customers in order to ensure satisfaction and fidelity by providing accurate and friendly advice and support, by delivering quality products and services and by supplying after-sales information and service.
Analyse market financial trends: Monitor and forecast the tendencies of a financial market to move in a particular direction over time.
Strive for company growth: Develop strategies and plans aiming at achieving a sustained company growth, be the company self-owned or somebody else’s. Strive with actions to increase revenues and positive cash flows.
Maintain relationship with suppliers: Build a lasting and meaningful relationship with suppliers and service providers in order to establish a positive, profitable and enduring collaboration, co-operation and contract negotiation.
Analyse logistic changes: Assess the financial impact of possible logistics changes such as shipping modes, product mixes or volumes, carriers and means of product transportation.
Analyse economic trends: Analyse developments in national or international trade, business relations, banking, and developments in public finance and how these factors interact with one another in a given economic context.
Analyse supply chain strategies: Examine an organisation’s planning details of production, their expected output units, quality, quantity, cost, time available and labour requirements. Provide suggestions in order to improve products, service quality and reduce costs.
Assess supplier risks: Evaluate supplier performance in order to assess which suppliers do or may not perform adequately, stick to the agreed contracts, meet the standard requirements and desired quality at all times or who may pose future risks.
Forecast dividend trends: Forecast the payouts corporations make to their shareholders in the long term, taking into account prior dividends, the corporation’s financial health and stability, stock market trends, and shareholders’ reactions to those trends.
Forecast future levels of business: Predict how the business will perform in future, potential expenditures and revenues to project situations for future periods
Manage inventory: Control product inventory in balance of availability and storage costs.
Analyse supply chain trends: Analyse and make predictions about trends and evolutions in supply chain operations in relation to technology, efficiency systems, types of products shipped, and logistical requirements for shipments, in order to remain at the forefront of supply chain methodologies.
Estimate costs of required supplies: Try to value the amounts and costs of required supplies such as of food items and ingredients.
Forecast production quantities: Determine the most adequate production levels of products according to forecasts and analysis of historic consuming trends.
Liaise with managers: Liaise with managers of other departments ensuring effective service and communication, i.e. sales, planning, purchasing, trading, distribution and technical.
Follow company standards: Lead and manage according to the organisation’s code of conduct.

This knowledge is sometimes, but not always, required for the role of forecast manager. However, mastering this knowledge allows you to have more opportunities for career development.

Statistics: The study of statistical theory, methods and practices such as collection, organisation, analysis, interpretation and presentation of data. It deals with all aspects of data including the planning of data collection in terms of the design of surveys and experiments in order to forecast and plan work-related activities.
Economics: Economic principles and practices, financial and commodity markets, banking and the analysis of financial data.

These skills and competences are sometimes, but not always, required for the role of forecast manager. However, mastering these skills and competences allows you to have more opportunities for career development.

Forecast sales over periods of time: Calculate and estimate the expected sales of products and services over different periods of time in order to determine their profitability.
Study sales levels of products: Collect and analyse sales levels of products and services in order to use this information for determining the quantities to be produced in the following batches, customer feedback, price trends, and the efficiency of sales methods.
Monitor ingredient storage: Monitor ingredient storage and expiry dates via weekly reporting leading to good stock rotation and reduction of waste.
Calculate purchasing levels of raw materials: Estimate the adequate quantities of raw materials to be purchased and required to meet the production objectives based on the prospects and forecasts.
Coordinate purchasing activities: Coordinate and manage procurement and renting processes including purchasing, renting, planning, tracking and reporting in a cost efficient way on an organisational level.
Forecast products’ demand: Collect, analyse and calculate the demand of products and services based on reports and purchasing activity of customers.
Analyse logistic needs: Analysing the logistic needs of all the different departments on the organisational level.
Manage logistics: Create logistic framework for transporting goods to customers and for receiving returns, execute and follow up the logistics processes and guidelines.
Use sales forecasting softwares: Operate sale forecasting softwares in order to help in determining demand levels for products with higher levels of accuracy.
Assist in planning production scheduling: Contribute to the planning of the production schedule with information on previous periods of production as to avoid waste and increase efficiency.
Manage standard enterprise resource planning system: Collect, manage and interpret data relevant for companies related to shipping, payment, inventory, resources and manufacturing using specific business management software. Such software as Microsoft Dynamics​, SAP ERP, Oracle ERP.
Forecast economic trends: Gather and analyse economic data in order to predict economic trends and events.

1324 – Supply, distribution and related managers

 

 

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References

1. Forecast manager – ESCO