In service and retail based industries weather can have a dramatic impact on revenue across the various locations. Further compounding these fluctuations is the individual and surrounding facilities near or at the location.
The Forecasting element consists of:
Time series and weather regression models
Accurate data capture methodologies and integration to EPOS
Impact of local specific elements
Impact of planned events such as promotions
Review and intervention of projected sales at schedule creation time
Building of demand drivers to forecast current and future demand
Trends and seasonal patterns
Day of week and time of day segmentation
TimeTEQ sales forecasting can use both ‘time series’ forecasting using historical sales as well as ‘regression’ forecasting using both historical sales and weather patterns. Interfacing directly to metrological data the system provides forecast sales by using a correlation between the weather & sales. Forecast sales derived from the solution are then used for volume driven tasks in calculating the optimal labour demand
“Payroll has reduced the time taken to process a pay run from 2 days down to 1 day.”
Lilian Bozovic
City Beach
TimeTEQ Project Manager
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TimeTEQ?
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