If I was a forecaster at your company, you can rest assured that I'd work diligently to provide forecasts that were as accurate as possible.
However, if you told me that my results were going to be displayed on a dashboard, tacked to a billboard or published in any other way ... all of a sudden forecast accuracy would be raised a couple of notches on my priority list. Somehow I'd find a way to make those "as accurate as possible" forecasts even more accurate.
And If the stakes were raised even higher, and I learned that my forecast results would be visibly ranked against my peers', well, there's just no way I'd let any of my fellow forecasters beat me. I'd find yet another extra gear.
Competition typically improves performance…and it always improves effort.
Publish your forecast results. Report your overall forecast accuracy as well as the individual accuracy of each forecaster.
That simple step will have a remarkable impact on your forecasting process. By regularly analyzing and communicating forecast accuracy results you will find that forecasting will soar in priority, and forecast accuracy will rise as well.
This article is excerpted from the e-book "42 Ways to Improve Your Forecasts" which will be published in this month.