Mitigating the Proclivity Toward Multiple Adjustments Through Innovative Forecasting Support Systems

Banusha Aruchunarasa and H. Niles Perera

Chapter 10 in Innovation Analytics:Tools for Competitive Advantage, 2023, pp 239-255 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Extant literature scarcely addresses the use of multiple adjustments in supply chain forecasting. In order to come up with innovative insights to address this, this chapter looks into the magnitude of awareness, the reasons behind the multiple forecast adjustments, and the elements that contribute to it. The authors deploy an international survey to understand why Forecasting Support Systems are subjected to multiple adjustments. The responses underscore the fact that the extant Forecasting Support Systems have failed to win the confidence of most forecasters. This study finds the reasons driving multiple adjustments and the individual impact of each reason toward multiple adjustments. Promotions are found to be the prime motivator for multiple adjustments, while government regulations and competitive actions too are major considerations. Further, the findings accentuate that there is a sizable belief that multiple adjustments lead to better forecast accuracy. Incorporating innovative features into Forecasting Support Systems is vital to mitigating multiple adjustments and improving forecast accuracy. These findings provide fertile soil to be considered when developing innovative Forecasting Support Systems that can reduce the propensity for multiple adjustments.

Keywords: Innovation; Analytics; Business Management; Product Development; Process Innovation (search for similar items in EconPapers)
JEL-codes: O31 O32 O33 (search for similar items in EconPapers)
Date: 2023
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