{"id":106318,"date":"2022-09-09T06:12:20","date_gmt":"2022-09-09T06:12:20","guid":{"rendered":"https:\/\/monday.com\/blog\/?p=106318"},"modified":"2026-09-06T05:55:59","modified_gmt":"2026-09-06T10:55:59","slug":"business-forecasting","status":"publish","type":"post","link":"https:\/\/monday.com\/blog\/project-management\/business-forecasting\/","title":{"rendered":"What is business forecasting? Methods, benefits, and examples"},"content":{"rendered":"<div class=\"text-block\" id=\"text-block-1\">\n<p data-pm-slice=\"1 1 []\">As a business leader, you already understand that every decision you make impacts the overall success of the company. With this much at stake, it&#8217;s imperative that you <a href=\"https:\/\/monday.com\/blog\/project-management\/a-complete-guide-to-the-decision-making-process\/\">make decisions<\/a> with the most up-to-date facts and data possible. Business forecasting gives you that grounding by turning historical data and market signals into projections you can plan around.<\/p>\n<p>This article explores what business forecasting is, why it matters, and which methods to use, so you&#8217;re able to predict future trends with confidence.<\/p>\n<a class=\"cta-button blue-button\" aria-label=\"Get started\" href=\"https:\/\/auth.monday.com\/users\/sign_up_new\" target=\"_blank\">Get started<\/a>\n\n<\/div>\n<div class=\"text-block\" id=\"text-block-2\">\n<h2 class=\"h2 text-block__title\">Key takeaways <\/h2>\n<ul>\n<li data-pm-slice=\"2 2 []\"><strong>Business forecasting<\/strong> turns historical data and market insights into projections that guide decisions about sales, budgets, inventory, and hiring.<\/li>\n<li><strong>Forecasting methods fall into two groups<\/strong>: qualitative methods rely on expert opinion, and quantitative methods rely on historical data and statistical analysis.<\/li>\n<li><strong>The right method depends on your project scope<\/strong>, how long you&#8217;ve been in business, and what you&#8217;re trying to predict.<\/li>\n<li><strong>AI and machine learning are shifting forecasting<\/strong> from manual statistical models toward faster, more accurate, and increasingly automated predictions.<\/li>\n<li><strong>monday AI Workspace centralizes your data <\/strong>in real-time dashboards and adds AI risk insights, giving quantitative forecasting a reliable foundation to work from.<\/li>\n<\/ul>\n\n<img width=\"1024\" height=\"563\" src=\"https:\/\/monday.com\/blog\/wp-content\/uploads\/2026\/04\/Plan-assign-1-1024x563.jpg\" class=\"attachment-large size-large\" alt=\"\" loading=\"lazy\" decoding=\"async\" srcset=\"https:\/\/monday.com\/blog\/wp-content\/uploads\/2026\/04\/Plan-assign-1-1024x563.jpg 1024w, https:\/\/monday.com\/blog\/wp-content\/uploads\/2026\/04\/Plan-assign-1-300x165.jpg 300w, https:\/\/monday.com\/blog\/wp-content\/uploads\/2026\/04\/Plan-assign-1-768x422.jpg 768w, https:\/\/monday.com\/blog\/wp-content\/uploads\/2026\/04\/Plan-assign-1-1536x844.jpg 1536w, https:\/\/monday.com\/blog\/wp-content\/uploads\/2026\/04\/Plan-assign-1.jpg 1820w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\n<\/div>\n<div class=\"text-block\" id=\"text-block-3\">\n<h2 class=\"h2 text-block__title\">What is business forecasting?<\/h2>\n<p>Forecasting in business is the practice of using past data and current market signals to predict what&#8217;s likely to happen next, so you can plan for it.\u00a0Business forecasting is a common practice companies of all sizes use frequently.<\/p>\n<blockquote><p>Business forecasting is the process of collecting and analyzing historical company data as well as marketing insights and trends to make projections regarding future business outcomes.<\/p><\/blockquote>\n<p>While the practice of business forecasting has been around for centuries, the combination of big data and advanced technologies, including machine learning and artificial intelligence, makes today&#8217;s predictions more accurate than ever before. Business leaders use this planning technique to predict everything from financial outcomes to future sales numbers. It&#8217;s important to note that there are numerous business forecasting methods you can use depending on the type of projections you need.<\/p>\n\n<\/div>\n<div class=\"text-block\" id=\"text-block-4\">\n<h2 class=\"h2 text-block__title\">4 main business forecasting methods<\/h2>\n<p data-pm-slice=\"1 1 []\">Business forecast methods typically fit into two primary categories:qualitative and quantitative.<\/p>\n<p>Qualitative forecasting relies heavily on expert opinions and high-level assumptions. It&#8217;s an ideal planning tool for companies with less than three years of historic internal data or for when you&#8217;re forecasting during times of significant disruptions in the market. Quantitative forecasting, on the other hand, relies primarily on facts and numbers. These methods analyze current and past data to predict future outcomes.<\/p>\n<p>Within these two categories, there are different types of business forecasting methods.<\/p>\n<ol>\n<li><strong>Delphi method:<\/strong> The <a href=\"https:\/\/monday.com\/blog\/project-management\/delphi-technique\/\">Delphi method<\/a> is a qualitative type of business forecasting that relies on expert opinions. Generally, project managers poll a panel of industry and field experts regarding relevant information, such as market trends and insights. Managers then compile and analyze this information to deliver data-driven forecasting results.<\/li>\n<li><strong>Market research:<\/strong> The <a href=\"https:\/\/monday.com\/blog\/marketing\/market-research\/\">market research method<\/a> involves polling users regarding specific products or features. This qualitative approach allows teams to obtain a general consensus as to the success or failures of these products and to determine future sales projections.<\/li>\n<li><strong>Time-series method:<\/strong> The time-series method is a quantitative approach that relies heavily on the company&#8217;s past data points. This method uses the company&#8217;s historical data and advanced technology to analyze information and build models and other visuals that predict future outcomes.<\/li>\n<li><strong>Econometric modeling:<\/strong> Econometric models use a mathematical approach that evaluates the company&#8217;s current and previous data to make strong projections regarding the company&#8217;s future. As a quantitative approach, it uses statistical analysis to predict future outcomes.<\/li>\n<\/ol>\n<p>Notice that the two quantitative methods share a requirement: they need enough clean history to be reliable, usually around 3 years of data. That&#8217;s easier when your records live in one place instead of scattered across spreadsheets, which is why teams often centralize historical <a href=\"https:\/\/monday.com\/blog\/project-management\/performance-reporting\/\">performance data<\/a> in dashboards before running these models.<\/p>\n\n<img width=\"767\" height=\"432\" src=\"https:\/\/monday.com\/blog\/wp-content\/uploads\/2025\/08\/performance-tracking.webp\" class=\"attachment-large size-large\" alt=\"\" loading=\"lazy\" decoding=\"async\" srcset=\"https:\/\/monday.com\/blog\/wp-content\/uploads\/2025\/08\/performance-tracking.webp 767w, https:\/\/monday.com\/blog\/wp-content\/uploads\/2025\/08\/performance-tracking-300x169.webp 300w\" sizes=\"auto, (max-width: 767px) 100vw, 767px\" \/>\n<\/div>\n<div class=\"text-block\" id=\"text-block-5\">\n<h2 class=\"h2 text-block__title\">6 common types of business forecasts<\/h2>\n<p data-pm-slice=\"1 1 []\">Most businesses run several types of business forecasts at once. These types aren&#8217;t mutually exclusive, and they often feed one another.<\/p>\n<p>A demand forecast shapes your sales forecast, which in turn informs your financial and capital forecasts. Reading them together gives you a fuller picture than any single projection can. Financial and capital forecasts tend to live with finance and leadership, while demand and sales forecasts belong to the teams closest to customers.<\/p>\n<p>Sales and demand forecasts tend to sit closest to daily execution, since the same teams that predict the numbers are the ones acting on them. Keeping those forecasts in the same platform as the work makes them easier to update as conditions change. If you&#8217;re starting with sales, a structured <a href=\"https:\/\/monday.com\/blog\/crm-and-sales\/sales-forecast-template\/\">sales forecast template<\/a> gives you a repeatable starting point you can adapt as your data grows.<\/p>\n\n<table id=\"tablepress-3751\" class=\"tablepress tablepress-id-3751\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\">Type of forecast<\/th><th class=\"column-2\">What it predicts<\/th><th class=\"column-3\">Best for<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">General forecast<\/td><td class=\"column-2\">Broad, high-level expectations about the direction of the business<\/td><td class=\"column-3\">Early planning and setting a baseline before you go deeper<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">Financial forecast<\/td><td class=\"column-2\">Future revenue, expenses, and profitability<\/td><td class=\"column-3\">Budgeting, board reporting, and long-term planning<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">Accounting forecast<\/td><td class=\"column-2\">Expected costs, cash flow, and financial obligations<\/td><td class=\"column-3\">Managing liquidity and staying ahead of expenses<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">Demand forecast<\/td><td class=\"column-2\">How much customers will want of a product or service<\/td><td class=\"column-3\">Inventory planning and production scheduling<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">Sales forecast<\/td><td class=\"column-2\">Expected sales volume and revenue over a period<\/td><td class=\"column-3\">Quota setting, pipeline planning, and hiring<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">Capital forecast<\/td><td class=\"column-2\">Future capital needs and major investment requirements<\/td><td class=\"column-3\">Financing decisions and growth planning<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-3751 from cache -->\n\n<\/div>\n<div class=\"text-block\" id=\"text-block-6\">\n<h2 class=\"h2 text-block__title\">How to choose a business forecasting method<\/h2>\n<p data-pm-slice=\"1 3 []\">The right forecasting techniques to use depends on several factors, including:<\/p>\n<ul>\n<li><a href=\"https:\/\/monday.com\/blog\/project-management\/what-is-scope-in-project-management\/\"><strong>Project scope<\/strong><\/a>: The size of the project may limit the effectiveness of some forecasting methods. For example, the market research method may be difficult to complete for larger projects with many different steps and stages. In these cases, a quantitative approach, such as the time-series method, may work better.<\/li>\n<li><strong>Years in business<\/strong>: If your business is relatively new, a quantitative approach may not be possible. Typically, these methods require at least three years of hard data to deliver accurate results.<\/li>\n<li><strong>Forecasting goals<\/strong>: The type of forecasting goals also determines the type of method you want to use. For instance, if you&#8217;re trying to identify shifts in the market, taking a quantitative approach that utilizes historical company data may not provide the results you need.<\/li>\n<\/ul>\n\n<\/div>\n<div class=\"text-block\" id=\"text-block-7\">\n<h2 class=\"h2 text-block__title\">Benefits of business forecasting<\/h2>\n<p data-pm-slice=\"1 3 []\">Forecasting shapes how confidently you set goals, <a href=\"https:\/\/monday.com\/blog\/project-management\/resource-planning\/\">plan resources<\/a>, and respond to change. Its value keeps rising as more organizations put AI behind their projections. Business forecasting offers organizations a variety of benefits, including those summarized below.<\/p>\n<h3>Gain valuable insights<\/h3>\n<p>Forecasting gives business leaders insights regarding the anticipated success of the company. While forecasting is not always 100% accurate, it does provide enough information to help companies with everything from managing cash flow to predicting inventory needs and setting realistic goals.<\/p>\n<h3>Make improvements<\/h3>\n<p>The business forecasting method, especially quantitative approaches, provides insights into the company&#8217;s past performance as well as future predictions. This visual representation can help your company identify problem areas, learn from past mistakes, and improve business operations.<\/p>\n<h3>Identify market shifts<\/h3>\n<p>Given today&#8217;s fast-paced market, it&#8217;s crucial for businesses to prepare for future changes. Forecasting, especially via qualitative methods, can help you understand future trends in the market, upcoming supply chain challenges, and changes in customer expectations. Having this knowledge in hand can help your organization prepare for the future and minimize the impact of any changes or shifts in the market.<\/p>\n<h3>Increase profits<\/h3>\n<p>The business forecasting process can improve your company&#8217;s long-term profitability in several ways:<\/p>\n<ul>\n<li>It allows your business leaders to develop budgets based on data-driven sales predictions, structured with a <a href=\"https:\/\/monday.com\/blog\/project-management\/financial-forecast-template\/\">financial forecast template<\/a>.<\/li>\n<li>Accurate forecasting can help your organization secure the funding necessary to grow the business.<\/li>\n<li>Forecasting can help your company reduce waste by projecting shifts in the market.<\/li>\n<\/ul>\n\n<img width=\"1024\" height=\"576\" src=\"https:\/\/monday.com\/blog\/wp-content\/uploads\/2025\/10\/WM_Boards_5-1024x576.jpg\" class=\"attachment-large size-large\" alt=\"project roadmap\" loading=\"lazy\" decoding=\"async\" srcset=\"https:\/\/monday.com\/blog\/wp-content\/uploads\/2025\/10\/WM_Boards_5-1024x576.jpg 1024w, https:\/\/monday.com\/blog\/wp-content\/uploads\/2025\/10\/WM_Boards_5-300x169.jpg 300w, https:\/\/monday.com\/blog\/wp-content\/uploads\/2025\/10\/WM_Boards_5-768x432.jpg 768w, https:\/\/monday.com\/blog\/wp-content\/uploads\/2025\/10\/WM_Boards_5-1536x864.jpg 1536w, https:\/\/monday.com\/blog\/wp-content\/uploads\/2025\/10\/WM_Boards_5-2048x1152.jpg 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\n<\/div>\n<div class=\"text-block\" id=\"text-block-8\">\n<h2 class=\"h2 text-block__title\">The role of business forecasting in project management<\/h2>\n<p data-pm-slice=\"1 1 []\">Accurate forecasting can help project managers set realistic goals and objectives, predict future outcomes, and conduct accurate risk assessments. These projections can help increase the project&#8217;s overall success and allow the team to meet tight deadlines.<\/p>\n<p>Fortunately, advanced technology can help project managers track and manage company data to make business forecasting quick, easy, and effective. For example, the monday AI Workspace lets project managers store and view company data in one easy-to-use place.<\/p>\n<p>The platform\u00a0<a href=\"https:\/\/monday.com\/integrations\/\">integrates with popular business platforms<\/a>, such as Salesforce, Excel, Stripe, and Zapier, which makes it easy to track business data\u00a0like sales reports and financial information.\u00a0Real-time <a href=\"https:\/\/monday.com\/blog\/project-management\/project-management-dashboard\/\">dashboards<\/a> give project managers a clear visualization of past performance, and templates can assist with budgeting and overall financial planning. With the help of these digital tools, your company can reap the many benefits of business forecasting in project management.<\/p>\n\n<img width=\"1024\" height=\"563\" src=\"https:\/\/monday.com\/blog\/wp-content\/uploads\/2025\/10\/Collaborate-execute-1-1024x563.jpg\" class=\"attachment-large size-large\" alt=\"Collaborate &amp; execute\" loading=\"lazy\" decoding=\"async\" srcset=\"https:\/\/monday.com\/blog\/wp-content\/uploads\/2025\/10\/Collaborate-execute-1-1024x563.jpg 1024w, https:\/\/monday.com\/blog\/wp-content\/uploads\/2025\/10\/Collaborate-execute-1-300x165.jpg 300w, https:\/\/monday.com\/blog\/wp-content\/uploads\/2025\/10\/Collaborate-execute-1-768x422.jpg 768w, https:\/\/monday.com\/blog\/wp-content\/uploads\/2025\/10\/Collaborate-execute-1-1536x844.jpg 1536w, https:\/\/monday.com\/blog\/wp-content\/uploads\/2025\/10\/Collaborate-execute-1.jpg 1820w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\n<\/div>\n<div class=\"text-block\" id=\"text-block-9\">\n<h2 class=\"h2 text-block__title\">Business forecasting examples<\/h2>\n<p data-pm-slice=\"1 1 []\">The easiest way to understand the many benefits of business forecasting is to see this practice in action. Here&#8217;s a look at two forecasting examples and what they could mean for your team.<\/p>\n<h3>Sales forecasting<\/h3>\n<p>Suppose a shoe store wants to project next year&#8217;s sales numbers. Since this store has been in business for over five years, the time-series forecasting method is a good option. This method allows the business owner to use collected data to predict the future of the company. However, due to today&#8217;s fluctuating market, the shoe store owner may also want to take a qualitative approach, such as the Delphi method, to determine if any shifts in the market could impact future sales.<\/p>\n<p>This forecasting data can help the shoe store owner with everything from planning next year&#8217;s budget to managing inventory to determining how many workers to hire.<\/p>\n<h3>Forecasting the success of a new product or service<\/h3>\n<p>Let&#8217;s look at a fashion design company that&#8217;s preparing for a new product launch. Knowing how much product to have on hand is crucial to the success of this launch. Too much inventory can impact profits, yet not enough inventory can affect customer satisfaction. In this case, the company can use market research to poll a number of potential customers to determine the likelihood of them making a purchase or referring this new product to others.<\/p>\n<p>This forecasting data can help the company project future sales, set an appropriate price point, and have enough inventory in place to meet demand.<\/p>\n\n<img width=\"1024\" height=\"563\" src=\"https:\/\/monday.com\/blog\/wp-content\/uploads\/2026\/08\/AI-risk-identification-1-1-5.jpg\" class=\"attachment-large size-large\" alt=\"\" loading=\"lazy\" decoding=\"async\" srcset=\"https:\/\/monday.com\/blog\/wp-content\/uploads\/2026\/08\/AI-risk-identification-1-1-5.jpg 1024w, https:\/\/monday.com\/blog\/wp-content\/uploads\/2026\/08\/AI-risk-identification-1-1-5-300x165.jpg 300w, https:\/\/monday.com\/blog\/wp-content\/uploads\/2026\/08\/AI-risk-identification-1-1-5-768x422.jpg 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\n<\/div>\n<div class=\"text-block\" id=\"text-block-10\">\n<h2 class=\"h2 text-block__title\">How AI is changing business forecasting<\/h2>\n<p data-pm-slice=\"1 1 []\">AI is used in business forecasting to analyze more data than a person could review manually, then generate and continuously refine predictions with less hands-on work. The shift is moving forecasting away from static statistical models toward faster, more adaptive projections. For teams, that means forecasts that keep pace with the business instead of lagging a quarter behind it. Three changes are driving this shift, and each one lowers the effort it takes to keep a forecast accurate.<\/p>\n<h3>Static models to machine learning<\/h3>\n<p>For decades, quantitative forecasting meant a specialist building a statistical model, feeding it historical data, and rerunning it by hand whenever conditions changed. Machine learning changes that rhythm. Instead of one model refreshed on a schedule, AI systems learn from new data as it arrives and adjust projections toward what analysts call &#8220;touchless forecasting,&#8221; where routine predictions update with little manual intervention. Gartner predicts 70% of large organizations will <a href=\"https:\/\/www.gartner.com\/en\/newsroom\/press-releases\/2025-09-16-gartner-predicts-70-percent-of-large-orgs-will-adopt-ai-based-supply-chain-forecasting-to-predict-future-demand-by-2030\">adopt AI-based supply chain forecasting<\/a> to predict future demand by 2030.<\/p>\n<h3>AI agents embedded in forecasting tools<\/h3>\n<p>A second shift is the arrival of AI agents inside the tools where forecasting already happens. Gartner predicts 40% of enterprise applications will feature <a href=\"https:\/\/www.gartner.com\/en\/newsroom\/press-releases\/2025-08-26-gartner-predicts-40-percent-of-enterprise-apps-will-feature-task-specific-ai-agents-by-2026-up-from-less-than-5-percent-in-2025\">task-specific AI agents by 2026<\/a> up from less than 5% in 2025. For finance leaders, this is fast becoming a priority: Gartner notes that <a href=\"https:\/\/www.gartner.com\/en\/articles\/ai-enabled-forecasting\">AI-enabled forecasting<\/a> is one of the clearest ways CFOs can improve accuracy and move accountability upstream.<\/p>\n<h3>Predictive risk insights that flag problems early<\/h3>\n<p><a href=\"https:\/\/monday.com\/blog\/project-management\/risk-analysis\/\">Predictive risk<\/a> insights are the third change worth watching. Traditional forecasts tell you what&#8217;s likely to happen, while AI-driven risk analysis goes a step further and flags what could go wrong before it does. Instead of waiting for a missed deadline or a supply gap to show up in the numbers, the system surfaces the warning early, while you still have room to adjust. That turns a forecast from a static prediction into an ongoing signal you can act on.<\/p>\n<p>You can already see this pattern in work platforms. AI risk insights, for example, can scan a portfolio and predict delays or conflicts before they derail a plan, flagging risks early enough to act on. On the monday AI Workspace, <a href=\"https:\/\/monday.com\/w\/agents\">monday agents<\/a> extend this further: the Sales Advisor agent helps teams win with accurate forecasting, and the Research Assistant agent gathers market and web intelligence to inform the qualitative side of a forecast. Both operate within guardrails you control, so people stay in the loop on the decisions that matter. The result is less time assembling data and more time deciding what to do with it.<\/p>\n\n<\/div>\n<div class=\"text-block\" id=\"text-block-11\">\n<h2 class=\"h2 text-block__title\">How monday AI Workspace supports business forecasting<\/h2>\n<p>Good forecasts depend on good inputs: clean historical data, a live view of what&#8217;s happening now, and a fast way to spot risk. When those inputs live in different systems, a lot of forecasting effort goes into just assembling the data before the real analysis can begin. The monday AI Workspace brings those pieces together so forecasting sits alongside the work it informs, rather than in a separate spreadsheet.<\/p>\n<p><\/p>\n<p data-pm-slice=\"1 1 []\">Here&#8217;s how the core capabilities map to the forecasting process.<\/p>\n<ul>\n<li><strong>Dashboards and reporting:<\/strong> No-code, real-time dashboards consolidate historical and live data from across your teams into one view. You get numeric goal tracking, portfolio and executive summaries, AI-generated summaries, and proactive risk alerts, which is exactly the data foundation quantitative methods like time-series and econometric modeling rely on.<\/li>\n<li><strong>AI risk insights:<\/strong> The platform&#8217;s risk analysis predicts delays and conflicts across your <a href=\"https:\/\/monday.com\/blog\/project-management\/portfolio-planning\/\">portfolio<\/a> and flags them early, so a projection isn&#8217;t blindsided by a problem you could have seen coming.<\/li>\n<li><strong>monday agents:<\/strong> The Sales Advisor agent supports accurate sales forecasting, and the Research Assistant agent pulls in market and web intelligence for the qualitative inputs a forecast needs. Both are grounded in your own work context and operate within guardrails you control.<\/li>\n<li><strong>Integrations:<\/strong> With 200+ integrations, you can pull data from Salesforce, Excel, Stripe, and other finance tools into one place, so your forecast reflects the whole picture instead of one system&#8217;s slice of it.<\/li>\n<li><a href=\"https:\/\/support.monday.com\/hc\/en-us\/articles\/26701503726610-Get-started-with-monday-sidekick\"><strong>monday sidekick<\/strong><\/a><strong>:<\/strong> The built-in AI assistant lets you ask plain-language questions against your own data, turning a dashboard into a conversation about what the numbers mean.<\/li>\n<\/ul>\n<p>Because these capabilities sit on one open, connected foundation with a shared data layer, your forecasting inputs and your execution stay in sync. As you set goals and timelines off a forecast, the platform keeps the underlying data current, so the next forecast starts from an accurate baseline. Over time, that loop separates a one-off projection from a forecasting habit your team can trust.<\/p>\n<a class=\"cta-button blue-button\" aria-label=\"Get started\" href=\"https:\/\/auth.monday.com\/users\/sign_up_new\" target=\"_blank\">Get started<\/a>\n\n<img width=\"1024\" height=\"647\" src=\"https:\/\/monday.com\/blog\/wp-content\/uploads\/2021\/06\/monday-sidekick-1024x647.png\" class=\"attachment-large size-large\" alt=\"monday sidekick\" loading=\"lazy\" decoding=\"async\" srcset=\"https:\/\/monday.com\/blog\/wp-content\/uploads\/2021\/06\/monday-sidekick-1024x647.png 1024w, https:\/\/monday.com\/blog\/wp-content\/uploads\/2021\/06\/monday-sidekick-300x190.png 300w, https:\/\/monday.com\/blog\/wp-content\/uploads\/2021\/06\/monday-sidekick-768x485.png 768w, https:\/\/monday.com\/blog\/wp-content\/uploads\/2021\/06\/monday-sidekick-1536x971.png 1536w, https:\/\/monday.com\/blog\/wp-content\/uploads\/2021\/06\/monday-sidekick.png 1720w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\n<\/div>\n<div class=\"text-block\" id=\"text-block-12\">\n<h2 class=\"h2 text-block__title\">Turn forecasts into confident decisions<\/h2>\n<p data-pm-slice=\"1 1 []\">Don&#8217;t risk moving your company into the future without first understanding what to expect. Leading your company blindly into the upcoming weeks, months, and years can significantly impact the success of your business. Instead, rely on effective business forecasting techniques to help you project future outcomes, prepare for upcoming shifts, and mitigate\u00a0possible risks.<\/p>\n<p>The monday AI Workspace helps you gather data, work as a team to analyze it, and set goals and timelines, so you can act on what you learn during forecasting\u00a0with confidence rather than guesswork.<\/p>\n<a class=\"cta-button blue-button\" aria-label=\"Get started\" href=\"https:\/\/auth.monday.com\/users\/sign_up_new\" target=\"_blank\">Get started<\/a>\n<div class=\"accordion faq\" id=\"faq-\">\n  <h2 class=\"accordion__heading section-title text-left\">Frequently asked questions <\/h2>\n    <div class=\"accordion__item\">\n    <a class=\"accordion__button d-block\" data-toggle=\"collapse\" data-parent=\"#faq-\" href=\"#q--1\" aria-expanded=\"false\">\n      <h3 class=\"accordion__question\">What is forecasting in business?        \n          \n        \n      <\/h3>\n    <\/a>\n    <div id=\"q--1\" class=\"accordion__answer collapse collapse--md\" data-parent=\"#faq-\">\n      <p>Forecasting in business is the practice of analyzing historical data, market insights, and expert opinions to project future outcomes. Leaders use it to set budgets, plan inventory, manage supply chains, and guide projects.<\/p>\n    <\/div>\n  <\/div>\n    <div class=\"accordion__item\">\n    <a class=\"accordion__button d-block\" data-toggle=\"collapse\" data-parent=\"#faq-\" href=\"#q--2\" aria-expanded=\"false\">\n      <h3 class=\"accordion__question\">What are the four basic forecasting methods?        \n          \n        \n      <\/h3>\n    <\/a>\n    <div id=\"q--2\" class=\"accordion__answer collapse collapse--md\" data-parent=\"#faq-\">\n      <p>The four common methods are the Delphi method and market research (both qualitative) and the time-series method and econometric modeling (both quantitative). Qualitative methods rely on expert input, while quantitative methods analyze historical data.<\/p>\n    <\/div>\n  <\/div>\n    <div class=\"accordion__item\">\n    <a class=\"accordion__button d-block\" data-toggle=\"collapse\" data-parent=\"#faq-\" href=\"#q--3\" aria-expanded=\"false\">\n      <h3 class=\"accordion__question\">How is AI used in business forecasting?        \n          \n        \n      <\/h3>\n    <\/a>\n    <div id=\"q--3\" class=\"accordion__answer collapse collapse--md\" data-parent=\"#faq-\">\n      <p>AI and machine learning analyze large volumes of data and continuously refine predictions with less manual work, moving teams toward \"touchless forecasting.\" AI agents can also generate forecasts and flag risks directly inside the tools where work happens.<\/p>\n    <\/div>\n  <\/div>\n    <div class=\"accordion__item\">\n    <a class=\"accordion__button d-block\" data-toggle=\"collapse\" data-parent=\"#faq-\" href=\"#q--4\" aria-expanded=\"false\">\n      <h3 class=\"accordion__question\">How does monday AI Workspace support business forecasting?        \n          \n        \n      <\/h3>\n    <\/a>\n    <div id=\"q--4\" class=\"accordion__answer collapse collapse--md\" data-parent=\"#faq-\">\n      <p>The monday AI Workspace centralizes historical and live data in real-time dashboards, adds AI risk insights that predict delays early, and connects to 200+ tools like Salesforce and Excel. Together, these give both quantitative and qualitative forecasting a single, current source of data.<\/p>\n    <\/div>\n  <\/div>\n  {\n    \"@context\": \"https:\\\/\\\/schema.org\",\n    \"@type\": \"FAQPage\",\n    \"mainEntity\": [\n        {\n            \"@type\": \"Question\",\n            \"name\": \"What is forecasting in business?\",\n            \"acceptedAnswer\": {\n                \"@type\": \"Answer\",\n                \"text\": \"<p>Forecasting in business is the practice of analyzing historical data, market insights, and expert opinions to project future outcomes. Leaders use it to set budgets, plan inventory, manage supply chains, and guide projects.\\n\"\n            }\n        },\n        {\n            \"@type\": \"Question\",\n            \"name\": \"What are the four basic forecasting methods?\",\n            \"acceptedAnswer\": {\n                \"@type\": \"Answer\",\n                \"text\": \"<p>The four common methods are the Delphi method and market research (both qualitative) and the time-series method and econometric modeling (both quantitative). Qualitative methods rely on expert input, while quantitative methods analyze historical data.\\n\"\n            }\n        },\n        {\n            \"@type\": \"Question\",\n            \"name\": \"How is AI used in business forecasting?\",\n            \"acceptedAnswer\": {\n                \"@type\": \"Answer\",\n                \"text\": \"<p>AI and machine learning analyze large volumes of data and continuously refine predictions with less manual work, moving teams toward \\\"touchless forecasting.\\\" AI agents can also generate forecasts and flag risks directly inside the tools where work happens.\\n\"\n            }\n        },\n        {\n            \"@type\": \"Question\",\n            \"name\": \"How does monday AI Workspace support business forecasting?\",\n            \"acceptedAnswer\": {\n                \"@type\": \"Answer\",\n                \"text\": \"<p>The monday AI Workspace centralizes historical and live data in real-time dashboards, adds AI risk insights that predict delays early, and connects to 200+ tools like Salesforce and Excel. Together, these give both quantitative and qualitative forecasting a single, current source of data.\\n\"\n            }\n        }\n    ]\n}<\/div>\n\n\n<\/div>","protected":false,"raw":"As a business leader, you already understand that every decision you make impacts the overall success of the company. With this much at stake, it\u2019s imperative that you <a href=\"https:\/\/monday.com\/blog\/project-management\/a-complete-guide-to-the-decision-making-process\/\">make decisions<\/a> with the most up-to-date facts and data possible. This step can be difficult when it comes to predicting future business statistics, such as sales data, inventory control, and budgetary figures. To help with this issue, many companies rely on business forecasting to make future projections based on high-level assumptions and historical data.\r\n\r\nIt\u2019s crucial for your company to understand what business or demand forecasting is, why it matters and what methods to use to make these projections. This article defines these terms and delves into the types of forecast models you can use to learn more about your business and predict future trends.\r\n\r\n<em>\"Business forecasting\" is a part of our Project Management Glossary \u2014 check out the full list of terms and definitions!<\/em>\r\n<p style=\"text-align: center;\">[cta-button url=\"https:\/\/auth.monday.com\/users\/sign_up_new\" target=\"_blank\"]Get started[\/cta-button]<\/p>\r\n\r\n<h2><strong>What is business forecasting?<\/strong><\/h2>\r\nBusiness forecasting is a common practice companies of all sizes use frequently.\r\n<blockquote>Business forecasting is the process of collecting and analyzing historical company data as well as marketing insights and trends to make projections regarding future business outcomes.<\/blockquote>\r\nWhile the practice of business forecasting has been around for centuries, the combination of big data and advanced technologies, including machine learning and artificial intelligence, makes today\u2019s predictions more accurate than ever before. Business leaders use this planning technique to predict everything from financial outcomes to future sales numbers. It\u2019s important to note that there are numerous business forecasting methods you can use depending on the type of projections you need.\r\n<h2><strong>Types of business forecast methods<\/strong><\/h2>\r\nBusiness forecast methods typically fit into two primary categories: qualitative and quantitative.\r\n\r\nQualitative forecasting relies heavily on expert opinions and high-level assumptions. It\u2019s an ideal planning tool for companies with less than three years of historic internal data or for when you're forecasting during times of significant disruptions in the market. Quantitative forecasting, on the other hand, relies primarily on facts and numbers. These methods analyze current and past data to predict future outcomes.\r\n\r\nWithin these two categories, there are numerous types of business forecasting methods. Here\u2019s a look at the top four.\r\n<ul>\r\n \t<li><strong>Delphi method<\/strong>: The Delphi method is a qualitative type of business forecasting that relies on expert opinions. Generally, project managers poll a panel of industry and field experts regarding relevant information, such as market trends and insights. Managers then compile and analyze this information to deliver data-driven forecasting results.<\/li>\r\n \t<li><strong>Market research<\/strong>: The market research method involves polling users regarding specific products or features. This qualitative approach allows teams to obtain a general consensus as to the success or failures of these products and to determine future sales projections.<\/li>\r\n \t<li><strong>Time-series method<\/strong>: The time-series method is a quantitative approach that relies heavily on the company\u2019s past data points. This method uses the company\u2019s historical data and advanced technology to analyze information and build models and other visuals that predict future outcomes.<\/li>\r\n \t<li><strong>Econometric modeling<\/strong>: Econometric models use a mathematical approach that evaluates the company\u2019s current and previous data to make strong projections regarding the company\u2019s future. As a quantitative approach, it uses statistical analysis to predict future outcomes.<\/li>\r\n<\/ul>\r\nHow to you know which of the forecasting techniques to use? It depends on several factors, including:\r\n<ul>\r\n \t<li><strong>Scope<\/strong>: The size of the project may limit the effectiveness of some forecasting methods. For example, the market research method may be difficult to complete for larger projects with many different steps and stages. In these cases, a quantitative approach, such as the time-series method may work better.<\/li>\r\n \t<li><strong>Years in business<\/strong>: If your business is relatively new, a quantitative approach may not be possible. Typically, these methods require at least three years of hard data to deliver accurate results.<\/li>\r\n \t<li><strong>Forecasting goals<\/strong>: The type of forecasting goals also determines the type of method you want to use. For instance, if you\u2019re trying to identify shifts in the market, taking a quantitative approach that utilizes historical company data may not provide the results you need.<\/li>\r\n<\/ul>\r\nNo matter which forecasting method you utilize, it plays a vital role in the project management process.\r\n<h2><strong>The role of business forecasting in project management<\/strong><\/h2>\r\nAccurate forecasting can help project managers set realistic goals and objectives, predict future outcomes, and conduct accurate risk assessments. These projections can help increase the project's overall success and allow the team to meet tight deadlines.\r\n\r\nFortunately, advanced technology can help project managers track and manage company data to make business forecasting quick, easy, and effective. For example, monday.com allows project managers to store and view company data in one easy-to-use software. Our platform <a href=\"https:\/\/monday.com\/integrations\/\">integrates with popular business platforms<\/a>, such as Salesforce, Excel, Stripe, Zapier, and DropBox, which makes it easy to track business data, such as sales reports and financial information.\r\n\r\n[twitter]Our Pivot Board View\u00a0provides project managers with a visualization of past performance and our Financial Projections Template\u00a0can assist with budgeting and overall financial planning.[\/twitter]\r\n\r\nWith the help of these digital tools, your company can reap the many benefits of business forecasting in project management.\r\n<h2><strong>Benefits of business forecasting in project management<\/strong><\/h2>\r\nBusiness forecasting offers organizations a variety of benefits, including those summarized below.\r\n<h3><strong>Gain valuable insights<\/strong><\/h3>\r\nForecasting gives business leaders insights regarding the anticipated success of the company. While forecasting is not always 100% accurate, it does provide enough information to help companies with everything from managing cash flow to predicting inventory needs and setting realistic goals.\r\n<h3><strong>Make improvements<\/strong><\/h3>\r\nThe business forecasting method, especially quantitative approaches, provides insights into the company\u2019s past performance as well as future predictions. This visual representation can help your company identify problem areas, learn from past mistakes, and improve business operations.\r\n<h3><strong>Identify market shifts<\/strong><\/h3>\r\nGiven today\u2019s fast-paced market, it\u2019s crucial for businesses to prepare for future changes. Forecasting \u2014 especially via qualitative methods \u2014 can help you understand future trends in the market, upcoming supply chain challenges, and changes in customer expectations. Having this knowledge in hand can help your organization prepare for the future and minimize the impact of any changes or shifts in the market.\r\n<h3><strong>Increase profits<\/strong><\/h3>\r\nThe business forecasting process can improve your company\u2019s long-term profitability in several ways:\r\n<ul>\r\n \t<li>It allows your business leaders to develop budgets based on <a href=\"https:\/\/monday.com\/blog\/crm-and-sales\/sales-forecast-template\/\">data-driven sales predictions<\/a>.<\/li>\r\n \t<li>Accurate forecasting can help your organization secure the funding necessary to grow the business.<\/li>\r\n \t<li>Forecasting can help your company reduce waste by projecting shifts in the market.<\/li>\r\n<\/ul>\r\nThe easiest way to understand the many benefits of business forecasting is to see this practice in action.\r\n<p style=\"text-align: center;\">[cta-button url=\"https:\/\/auth.monday.com\/users\/sign_up_new\" target=\"_blank\"]Get started[\/cta-button]<\/p>\r\n\r\n<h2><strong>A few business forecasting examples and what they could mean for your team<\/strong><\/h2>\r\nTo better understand how business forecasting can help your company prepare for the future, here\u2019s a look at some forecasting examples and what they could mean for your team.\r\n<h3><strong>Sales forecasting<\/strong><\/h3>\r\nSuppose a shoe store wants to project next year\u2019s sales numbers. Since this store has been in business for over five years, the time-series forecasting method is a good option. This method allows the business owner to use collected data to predict the future of the company. However, due to today\u2019s fluctuating market, the shoe store owner may also want to take a qualitative approach, such as the Delphi method, to determine if any shifts in the market could impact future sales.\r\n\r\nThis forecasting data can help the shoe store owner with everything from planning next year's budget to managing inventory to determining how many workers to hire.\r\n<h3><strong>Forecasting the success of a new product or service<\/strong><\/h3>\r\nLet\u2019s look at a fashion design company that\u2019s preparing for a new product launch. Knowing how much product to have on hand is crucial to the success of this launch. Too much inventory can impact profits, yet not enough inventory can affect customer satisfaction. In this case, the company can use market research to poll a number of potential customers to determine the likelihood of them making a purchase or referring this new product to others.\r\n\r\nThis forecasting data can help the company project future sales, set an appropriate price point, and have enough inventory in place to meet demand.\r\n<p style=\"text-align: center;\">[cta-button url=\"https:\/\/auth.monday.com\/users\/sign_up_new\" target=\"_blank\"]Get started[\/cta-button]<\/p>\r\n\r\n<h2><strong>Frequently asked questions<\/strong><\/h2>\r\n<h3><strong>What is forecasting in business?<\/strong><\/h3>\r\nBusiness forecasting is the process of analyzing big data, market insights, and expert opinions to make projections regarding future business outcomes. Business leaders use forecasting to set budgets, determine product offerings, oversee supply chain management, and manage projects.\r\n<h3><strong>How does forecasting help a business?<\/strong><\/h3>\r\nForecasting is a critical tool for businesses of all sizes. While business planning is not 100% accurate every time, it does provide business leaders with data-driven insights. Leaders then use these insights to make informed decisions for the company, such as which products to sell, how many workers it needs, and how much inventory to secure.\r\n<h3><strong>What are the four basic forecasting methods?<\/strong><\/h3>\r\nThere are dozens of business forecasting methods available, most of which are broken down into two categories, including qualitative and quantitative. The most popular qualitative methods are market research, which polls a panel of users to predict future outcomes, and the Delphi method, which involves gathering insights from industry experts. The most popular quantitative methods include the time-series method, which analyzes current and historical data to predict future outcomes, and econometric modeling, which uses mathematical models and statistical methods of analysis to make future projections.\r\n<h2><strong>Prepare for your company\u2019s future with business forecasting<\/strong><\/h2>\r\nDon\u2019t risk moving your company into the future without first understanding what to expect. Blindly leading your company into the upcoming weeks, months, and years can significantly impact the success of your business. Instead, rely on effective business forecasting techniques to help you project future outcomes, prepare for upcoming shifts and mitigate any possible risks.\r\n\r\nmonday.com's seamless Work OS lets you gather data, work as a team to analyze it, and set goals and timelines so you can act on what you learn during forecasting.\r\n<div style=\"text-align: right;\"><\/div>"},"excerpt":{"rendered":"<p>As a business leader, you already understand that every decision you make impacts the overall success of the company. With this much at stake, it\u2019s imperative that you make decisions with the most up-to-date facts and data possible. This step can be difficult when it comes to predicting future business &#8230;<\/p>\n","protected":false},"author":219,"featured_media":358987,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"pages\/cornerstone-primary.php","format":"standard","meta":{"_acf_changed":false,"monday_item_id":18041108247,"monday_board_id":0,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[13996,13904],"tags":[],"class_list":["post-106318","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-administration","category-project-management"],"acf":{"lobby_image":false,"post_thumbnail_title":"","hide_post_info":false,"hide_bottom_cta":false,"hide_from_blog":false,"landing_page_layout":false,"cluster":"","display_dates":"updated","featured_image_link":"","banner_url":"","main_text_banner":"Try monday.com for projects","sub_title_banner":"Join the 152K+ customers who use monday.com","sub_title_banner_second":"","banner_button_text":"","below_banner_line":"","use_customized_cta":false,"display_subscribe_widget":false,"custom_schema_code":"","sidebar_color_banner":"","custom_tags":false,"faqs":[{"faq_title":"Frequently asked questions ","faq_shortcode":"","faq":[{"question":"What is forecasting in business?","answer":"<p>Forecasting in business is the practice of analyzing historical data, market insights, and expert opinions to project future outcomes. Leaders use it to set budgets, plan inventory, manage supply chains, and guide projects.<\/p>\n"},{"question":"What are the four basic forecasting methods?","answer":"<p>The four common methods are the Delphi method and market research (both qualitative) and the time-series method and econometric modeling (both quantitative). Qualitative methods rely on expert input, while quantitative methods analyze historical data.<\/p>\n"},{"question":"How is AI used in business forecasting?","answer":"<p>AI and machine learning analyze large volumes of data and continuously refine predictions with less manual work, moving teams toward \"touchless forecasting.\" AI agents can also generate forecasts and flag risks directly inside the tools where work happens.<\/p>\n"},{"question":"How does monday AI Workspace support business forecasting?","answer":"<p>The monday AI Workspace centralizes historical and live data in real-time dashboards, adds AI risk insights that predict delays early, and connects to 200+ tools like Salesforce and Excel. Together, these give both quantitative and qualitative forecasting a single, current source of data.<\/p>\n"}]}],"activate_cta_banner":false,"hide_time_to_read":false,"disclaimer":"","cornerstone_hero_cta_override":{"label":"","url":""},"menu_cta_override":{"label":"","url":""},"show_contact_sales_button":"default","override_contact_sales_label":"","override_contact_sales_url":"","post_date":"20260824","custom_header_banner":false,"parse_from_google_doc":false,"sections":[{"acf_fc_layout":"content_1","blocks":[{"main_heading":"","content_block":[{"acf_fc_layout":"text","content":"<p data-pm-slice=\"1 1 []\">As a business leader, you already understand that every decision you make impacts the overall success of the company. With this much at stake, it&#8217;s imperative that you <a href=\"https:\/\/monday.com\/blog\/project-management\/a-complete-guide-to-the-decision-making-process\/\">make decisions<\/a> with the most up-to-date facts and data possible. Business forecasting gives you that grounding by turning historical data and market signals into projections you can plan around.<\/p>\n<p>This article explores what business forecasting is, why it matters, and which methods to use, so you&#8217;re able to predict future trends with confidence.<\/p>\n<a class=\"cta-button blue-button\" aria-label=\"Get started\" href=\"https:\/\/auth.monday.com\/users\/sign_up_new\" target=\"_blank\">Get started<\/a>\n"}]},{"main_heading":"Key takeaways ","content_block":[{"acf_fc_layout":"text","content":"<ul>\n<li data-pm-slice=\"2 2 []\"><strong>Business forecasting<\/strong> turns historical data and market insights into projections that guide decisions about sales, budgets, inventory, and hiring.<\/li>\n<li><strong>Forecasting methods fall into two groups<\/strong>: qualitative methods rely on expert opinion, and quantitative methods rely on historical data and statistical analysis.<\/li>\n<li><strong>The right method depends on your project scope<\/strong>, how long you&#8217;ve been in business, and what you&#8217;re trying to predict.<\/li>\n<li><strong>AI and machine learning are shifting forecasting<\/strong> from manual statistical models toward faster, more accurate, and increasingly automated predictions.<\/li>\n<li><strong>monday AI Workspace centralizes your data <\/strong>in real-time dashboards and adds AI risk insights, giving quantitative forecasting a reliable foundation to work from.<\/li>\n<\/ul>\n"},{"acf_fc_layout":"image","image_type":"normal","image":322310,"image_link":""}]},{"main_heading":"What is business forecasting?","content_block":[{"acf_fc_layout":"text","content":"<p>Forecasting in business is the practice of using past data and current market signals to predict what&#8217;s likely to happen next, so you can plan for it.\u00a0Business forecasting is a common practice companies of all sizes use frequently.<\/p>\n<blockquote><p>Business forecasting is the process of collecting and analyzing historical company data as well as marketing insights and trends to make projections regarding future business outcomes.<\/p><\/blockquote>\n<p>While the practice of business forecasting has been around for centuries, the combination of big data and advanced technologies, including machine learning and artificial intelligence, makes today&#8217;s predictions more accurate than ever before. Business leaders use this planning technique to predict everything from financial outcomes to future sales numbers. It&#8217;s important to note that there are numerous business forecasting methods you can use depending on the type of projections you need.<\/p>\n"}]},{"main_heading":"4 main business forecasting methods","content_block":[{"acf_fc_layout":"text","content":"<p data-pm-slice=\"1 1 []\">Business forecast methods typically fit into two primary categories:qualitative and quantitative.<\/p>\n<p>Qualitative forecasting relies heavily on expert opinions and high-level assumptions. It&#8217;s an ideal planning tool for companies with less than three years of historic internal data or for when you&#8217;re forecasting during times of significant disruptions in the market. Quantitative forecasting, on the other hand, relies primarily on facts and numbers. These methods analyze current and past data to predict future outcomes.<\/p>\n<p>Within these two categories, there are different types of business forecasting methods.<\/p>\n<ol>\n<li><strong>Delphi method:<\/strong> The <a href=\"https:\/\/monday.com\/blog\/project-management\/delphi-technique\/\">Delphi method<\/a> is a qualitative type of business forecasting that relies on expert opinions. Generally, project managers poll a panel of industry and field experts regarding relevant information, such as market trends and insights. Managers then compile and analyze this information to deliver data-driven forecasting results.<\/li>\n<li><strong>Market research:<\/strong> The <a href=\"https:\/\/monday.com\/blog\/marketing\/market-research\/\">market research method<\/a> involves polling users regarding specific products or features. This qualitative approach allows teams to obtain a general consensus as to the success or failures of these products and to determine future sales projections.<\/li>\n<li><strong>Time-series method:<\/strong> The time-series method is a quantitative approach that relies heavily on the company&#8217;s past data points. This method uses the company&#8217;s historical data and advanced technology to analyze information and build models and other visuals that predict future outcomes.<\/li>\n<li><strong>Econometric modeling:<\/strong> Econometric models use a mathematical approach that evaluates the company&#8217;s current and previous data to make strong projections regarding the company&#8217;s future. As a quantitative approach, it uses statistical analysis to predict future outcomes.<\/li>\n<\/ol>\n<p>Notice that the two quantitative methods share a requirement: they need enough clean history to be reliable, usually around 3 years of data. That&#8217;s easier when your records live in one place instead of scattered across spreadsheets, which is why teams often centralize historical <a href=\"https:\/\/monday.com\/blog\/project-management\/performance-reporting\/\">performance data<\/a> in dashboards before running these models.<\/p>\n"},{"acf_fc_layout":"image","image_type":"normal","image":243581,"image_link":""}]},{"main_heading":"6 common types of business forecasts","content_block":[{"acf_fc_layout":"text","content":"<p data-pm-slice=\"1 1 []\">Most businesses run several types of business forecasts at once. These types aren&#8217;t mutually exclusive, and they often feed one another.<\/p>\n<p>A demand forecast shapes your sales forecast, which in turn informs your financial and capital forecasts. Reading them together gives you a fuller picture than any single projection can. Financial and capital forecasts tend to live with finance and leadership, while demand and sales forecasts belong to the teams closest to customers.<\/p>\n<p>Sales and demand forecasts tend to sit closest to daily execution, since the same teams that predict the numbers are the ones acting on them. Keeping those forecasts in the same platform as the work makes them easier to update as conditions change. If you&#8217;re starting with sales, a structured <a href=\"https:\/\/monday.com\/blog\/crm-and-sales\/sales-forecast-template\/\">sales forecast template<\/a> gives you a repeatable starting point you can adapt as your data grows.<\/p>\n\n<table id=\"tablepress-3751\" class=\"tablepress tablepress-id-3751\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\">Type of forecast<\/th><th class=\"column-2\">What it predicts<\/th><th class=\"column-3\">Best for<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">General forecast<\/td><td class=\"column-2\">Broad, high-level expectations about the direction of the business<\/td><td class=\"column-3\">Early planning and setting a baseline before you go deeper<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">Financial forecast<\/td><td class=\"column-2\">Future revenue, expenses, and profitability<\/td><td class=\"column-3\">Budgeting, board reporting, and long-term planning<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">Accounting forecast<\/td><td class=\"column-2\">Expected costs, cash flow, and financial obligations<\/td><td class=\"column-3\">Managing liquidity and staying ahead of expenses<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">Demand forecast<\/td><td class=\"column-2\">How much customers will want of a product or service<\/td><td class=\"column-3\">Inventory planning and production scheduling<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">Sales forecast<\/td><td class=\"column-2\">Expected sales volume and revenue over a period<\/td><td class=\"column-3\">Quota setting, pipeline planning, and hiring<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">Capital forecast<\/td><td class=\"column-2\">Future capital needs and major investment requirements<\/td><td class=\"column-3\">Financing decisions and growth planning<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-3751 from cache -->\n"}]},{"main_heading":"How to choose a business forecasting method","content_block":[{"acf_fc_layout":"text","content":"<p data-pm-slice=\"1 3 []\">The right forecasting techniques to use depends on several factors, including:<\/p>\n<ul>\n<li><a href=\"https:\/\/monday.com\/blog\/project-management\/what-is-scope-in-project-management\/\"><strong>Project scope<\/strong><\/a>: The size of the project may limit the effectiveness of some forecasting methods. For example, the market research method may be difficult to complete for larger projects with many different steps and stages. In these cases, a quantitative approach, such as the time-series method, may work better.<\/li>\n<li><strong>Years in business<\/strong>: If your business is relatively new, a quantitative approach may not be possible. Typically, these methods require at least three years of hard data to deliver accurate results.<\/li>\n<li><strong>Forecasting goals<\/strong>: The type of forecasting goals also determines the type of method you want to use. For instance, if you&#8217;re trying to identify shifts in the market, taking a quantitative approach that utilizes historical company data may not provide the results you need.<\/li>\n<\/ul>\n"}]},{"main_heading":"Benefits of business forecasting","content_block":[{"acf_fc_layout":"text","content":"<p data-pm-slice=\"1 3 []\">Forecasting shapes how confidently you set goals, <a href=\"https:\/\/monday.com\/blog\/project-management\/resource-planning\/\">plan resources<\/a>, and respond to change. Its value keeps rising as more organizations put AI behind their projections. Business forecasting offers organizations a variety of benefits, including those summarized below.<\/p>\n<h3>Gain valuable insights<\/h3>\n<p>Forecasting gives business leaders insights regarding the anticipated success of the company. While forecasting is not always 100% accurate, it does provide enough information to help companies with everything from managing cash flow to predicting inventory needs and setting realistic goals.<\/p>\n<h3>Make improvements<\/h3>\n<p>The business forecasting method, especially quantitative approaches, provides insights into the company&#8217;s past performance as well as future predictions. This visual representation can help your company identify problem areas, learn from past mistakes, and improve business operations.<\/p>\n<h3>Identify market shifts<\/h3>\n<p>Given today&#8217;s fast-paced market, it&#8217;s crucial for businesses to prepare for future changes. Forecasting, especially via qualitative methods, can help you understand future trends in the market, upcoming supply chain challenges, and changes in customer expectations. Having this knowledge in hand can help your organization prepare for the future and minimize the impact of any changes or shifts in the market.<\/p>\n<h3>Increase profits<\/h3>\n<p>The business forecasting process can improve your company&#8217;s long-term profitability in several ways:<\/p>\n<ul>\n<li>It allows your business leaders to develop budgets based on data-driven sales predictions, structured with a <a href=\"https:\/\/monday.com\/blog\/project-management\/financial-forecast-template\/\">financial forecast template<\/a>.<\/li>\n<li>Accurate forecasting can help your organization secure the funding necessary to grow the business.<\/li>\n<li>Forecasting can help your company reduce waste by projecting shifts in the market.<\/li>\n<\/ul>\n"},{"acf_fc_layout":"image","image_type":"normal","image":348338,"image_link":""}]},{"main_heading":"The role of business forecasting in project management","content_block":[{"acf_fc_layout":"text","content":"<p data-pm-slice=\"1 1 []\">Accurate forecasting can help project managers set realistic goals and objectives, predict future outcomes, and conduct accurate risk assessments. These projections can help increase the project&#8217;s overall success and allow the team to meet tight deadlines.<\/p>\n<p>Fortunately, advanced technology can help project managers track and manage company data to make business forecasting quick, easy, and effective. For example, the monday AI Workspace lets project managers store and view company data in one easy-to-use place.<\/p>\n<p>The platform\u00a0<a href=\"https:\/\/monday.com\/integrations\/\">integrates with popular business platforms<\/a>, such as Salesforce, Excel, Stripe, and Zapier, which makes it easy to track business data\u00a0like sales reports and financial information.\u00a0Real-time <a href=\"https:\/\/monday.com\/blog\/project-management\/project-management-dashboard\/\">dashboards<\/a> give project managers a clear visualization of past performance, and templates can assist with budgeting and overall financial planning. With the help of these digital tools, your company can reap the many benefits of business forecasting in project management.<\/p>\n"},{"acf_fc_layout":"image","image_type":"normal","image":347811,"image_link":""}]},{"main_heading":"Business forecasting examples","content_block":[{"acf_fc_layout":"text","content":"<p data-pm-slice=\"1 1 []\">The easiest way to understand the many benefits of business forecasting is to see this practice in action. Here&#8217;s a look at two forecasting examples and what they could mean for your team.<\/p>\n<h3>Sales forecasting<\/h3>\n<p>Suppose a shoe store wants to project next year&#8217;s sales numbers. Since this store has been in business for over five years, the time-series forecasting method is a good option. This method allows the business owner to use collected data to predict the future of the company. However, due to today&#8217;s fluctuating market, the shoe store owner may also want to take a qualitative approach, such as the Delphi method, to determine if any shifts in the market could impact future sales.<\/p>\n<p>This forecasting data can help the shoe store owner with everything from planning next year&#8217;s budget to managing inventory to determining how many workers to hire.<\/p>\n<h3>Forecasting the success of a new product or service<\/h3>\n<p>Let&#8217;s look at a fashion design company that&#8217;s preparing for a new product launch. Knowing how much product to have on hand is crucial to the success of this launch. Too much inventory can impact profits, yet not enough inventory can affect customer satisfaction. In this case, the company can use market research to poll a number of potential customers to determine the likelihood of them making a purchase or referring this new product to others.<\/p>\n<p>This forecasting data can help the company project future sales, set an appropriate price point, and have enough inventory in place to meet demand.<\/p>\n"},{"acf_fc_layout":"image","image_type":"normal","image":358049,"image_link":""}]},{"main_heading":"How AI is changing business forecasting","content_block":[{"acf_fc_layout":"text","content":"<p data-pm-slice=\"1 1 []\">AI is used in business forecasting to analyze more data than a person could review manually, then generate and continuously refine predictions with less hands-on work. The shift is moving forecasting away from static statistical models toward faster, more adaptive projections. For teams, that means forecasts that keep pace with the business instead of lagging a quarter behind it. Three changes are driving this shift, and each one lowers the effort it takes to keep a forecast accurate.<\/p>\n<h3>Static models to machine learning<\/h3>\n<p>For decades, quantitative forecasting meant a specialist building a statistical model, feeding it historical data, and rerunning it by hand whenever conditions changed. Machine learning changes that rhythm. Instead of one model refreshed on a schedule, AI systems learn from new data as it arrives and adjust projections toward what analysts call &#8220;touchless forecasting,&#8221; where routine predictions update with little manual intervention. Gartner predicts 70% of large organizations will <a href=\"https:\/\/www.gartner.com\/en\/newsroom\/press-releases\/2025-09-16-gartner-predicts-70-percent-of-large-orgs-will-adopt-ai-based-supply-chain-forecasting-to-predict-future-demand-by-2030\">adopt AI-based supply chain forecasting<\/a> to predict future demand by 2030.<\/p>\n<h3>AI agents embedded in forecasting tools<\/h3>\n<p>A second shift is the arrival of AI agents inside the tools where forecasting already happens. Gartner predicts 40% of enterprise applications will feature <a href=\"https:\/\/www.gartner.com\/en\/newsroom\/press-releases\/2025-08-26-gartner-predicts-40-percent-of-enterprise-apps-will-feature-task-specific-ai-agents-by-2026-up-from-less-than-5-percent-in-2025\">task-specific AI agents by 2026<\/a> up from less than 5% in 2025. For finance leaders, this is fast becoming a priority: Gartner notes that <a href=\"https:\/\/www.gartner.com\/en\/articles\/ai-enabled-forecasting\">AI-enabled forecasting<\/a> is one of the clearest ways CFOs can improve accuracy and move accountability upstream.<\/p>\n<h3>Predictive risk insights that flag problems early<\/h3>\n<p><a href=\"https:\/\/monday.com\/blog\/project-management\/risk-analysis\/\">Predictive risk<\/a> insights are the third change worth watching. Traditional forecasts tell you what&#8217;s likely to happen, while AI-driven risk analysis goes a step further and flags what could go wrong before it does. Instead of waiting for a missed deadline or a supply gap to show up in the numbers, the system surfaces the warning early, while you still have room to adjust. That turns a forecast from a static prediction into an ongoing signal you can act on.<\/p>\n<p>You can already see this pattern in work platforms. AI risk insights, for example, can scan a portfolio and predict delays or conflicts before they derail a plan, flagging risks early enough to act on. On the monday AI Workspace, <a href=\"https:\/\/monday.com\/w\/agents\">monday agents<\/a> extend this further: the Sales Advisor agent helps teams win with accurate forecasting, and the Research Assistant agent gathers market and web intelligence to inform the qualitative side of a forecast. Both operate within guardrails you control, so people stay in the loop on the decisions that matter. The result is less time assembling data and more time deciding what to do with it.<\/p>\n"}]},{"main_heading":"How monday AI Workspace supports business forecasting","content_block":[{"acf_fc_layout":"text","content":"<p>Good forecasts depend on good inputs: clean historical data, a live view of what&#8217;s happening now, and a fast way to spot risk. When those inputs live in different systems, a lot of forecasting effort goes into just assembling the data before the real analysis can begin. The monday AI Workspace brings those pieces together so forecasting sits alongside the work it informs, rather than in a separate spreadsheet.<\/p>\n<p><iframe loading=\"lazy\" title=\"monday.com: the best AI work platform\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/FsrNMGBq268?start=32&amp;feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p data-pm-slice=\"1 1 []\">Here&#8217;s how the core capabilities map to the forecasting process.<\/p>\n<ul>\n<li><strong>Dashboards and reporting:<\/strong> No-code, real-time dashboards consolidate historical and live data from across your teams into one view. You get numeric goal tracking, portfolio and executive summaries, AI-generated summaries, and proactive risk alerts, which is exactly the data foundation quantitative methods like time-series and econometric modeling rely on.<\/li>\n<li><strong>AI risk insights:<\/strong> The platform&#8217;s risk analysis predicts delays and conflicts across your <a href=\"https:\/\/monday.com\/blog\/project-management\/portfolio-planning\/\">portfolio<\/a> and flags them early, so a projection isn&#8217;t blindsided by a problem you could have seen coming.<\/li>\n<li><strong>monday agents:<\/strong> The Sales Advisor agent supports accurate sales forecasting, and the Research Assistant agent pulls in market and web intelligence for the qualitative inputs a forecast needs. Both are grounded in your own work context and operate within guardrails you control.<\/li>\n<li><strong>Integrations:<\/strong> With 200+ integrations, you can pull data from Salesforce, Excel, Stripe, and other finance tools into one place, so your forecast reflects the whole picture instead of one system&#8217;s slice of it.<\/li>\n<li><a href=\"https:\/\/support.monday.com\/hc\/en-us\/articles\/26701503726610-Get-started-with-monday-sidekick\"><strong>monday sidekick<\/strong><\/a><strong>:<\/strong> The built-in AI assistant lets you ask plain-language questions against your own data, turning a dashboard into a conversation about what the numbers mean.<\/li>\n<\/ul>\n<p>Because these capabilities sit on one open, connected foundation with a shared data layer, your forecasting inputs and your execution stay in sync. As you set goals and timelines off a forecast, the platform keeps the underlying data current, so the next forecast starts from an accurate baseline. Over time, that loop separates a one-off projection from a forecasting habit your team can trust.<\/p>\n<a class=\"cta-button blue-button\" aria-label=\"Get started\" href=\"https:\/\/auth.monday.com\/users\/sign_up_new\" target=\"_blank\">Get started<\/a>\n"},{"acf_fc_layout":"image","image_type":"normal","image":270003,"image_link":""}]},{"main_heading":"Turn forecasts into confident decisions","content_block":[{"acf_fc_layout":"text","content":"<p data-pm-slice=\"1 1 []\">Don&#8217;t risk moving your company into the future without first understanding what to expect. Leading your company blindly into the upcoming weeks, months, and years can significantly impact the success of your business. Instead, rely on effective business forecasting techniques to help you project future outcomes, prepare for upcoming shifts, and mitigate\u00a0possible risks.<\/p>\n<p>The monday AI Workspace helps you gather data, work as a team to analyze it, and set goals and timelines, so you can act on what you learn during forecasting\u00a0with confidence rather than guesswork.<\/p>\n<a class=\"cta-button blue-button\" aria-label=\"Get started\" href=\"https:\/\/auth.monday.com\/users\/sign_up_new\" target=\"_blank\">Get started<\/a>\n<div class=\"accordion faq\" id=\"faq-\">\n  <h2 class=\"accordion__heading section-title text-left\">Frequently asked questions <\/h2>\n    <div class=\"accordion__item\">\n    <a class=\"accordion__button d-block\" data-toggle=\"collapse\" data-parent=\"#faq-\" href=\"#q--1\"\n      aria-expanded=\"false\">\n      <h3 class=\"accordion__question\">What is forecasting in business?        <svg class=\"angle-arrow angle-arrow--down\" width=\"32\" height=\"32\" viewBox=\"0 0 32 32\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n          <path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M16.5303 20.8839C16.2374 21.1768 15.7626 21.1768 15.4697 20.8839L7.82318 13.2374C7.53029 12.9445 7.53029 12.4697 7.82318 12.1768L8.17674 11.8232C8.46963 11.5303 8.9445 11.5303 9.2374 11.8232L16 18.5858L22.7626 11.8232C23.0555 11.5303 23.5303 11.5303 23.8232 11.8232L24.1768 12.1768C24.4697 12.4697 24.4697 12.9445 24.1768 13.2374L16.5303 20.8839Z\" fill=\"black\"\/>\n        <\/svg>\n      <\/h3>\n    <\/a>\n    <div id=\"q--1\" class=\"accordion__answer collapse collapse--md\" data-parent=\"#faq-\">\n      <p>Forecasting in business is the practice of analyzing historical data, market insights, and expert opinions to project future outcomes. Leaders use it to set budgets, plan inventory, manage supply chains, and guide projects.<\/p>\n    <\/div>\n  <\/div>\n    <div class=\"accordion__item\">\n    <a class=\"accordion__button d-block\" data-toggle=\"collapse\" data-parent=\"#faq-\" href=\"#q--2\"\n      aria-expanded=\"false\">\n      <h3 class=\"accordion__question\">What are the four basic forecasting methods?        <svg class=\"angle-arrow angle-arrow--down\" width=\"32\" height=\"32\" viewBox=\"0 0 32 32\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n          <path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M16.5303 20.8839C16.2374 21.1768 15.7626 21.1768 15.4697 20.8839L7.82318 13.2374C7.53029 12.9445 7.53029 12.4697 7.82318 12.1768L8.17674 11.8232C8.46963 11.5303 8.9445 11.5303 9.2374 11.8232L16 18.5858L22.7626 11.8232C23.0555 11.5303 23.5303 11.5303 23.8232 11.8232L24.1768 12.1768C24.4697 12.4697 24.4697 12.9445 24.1768 13.2374L16.5303 20.8839Z\" fill=\"black\"\/>\n        <\/svg>\n      <\/h3>\n    <\/a>\n    <div id=\"q--2\" class=\"accordion__answer collapse collapse--md\" data-parent=\"#faq-\">\n      <p>The four common methods are the Delphi method and market research (both qualitative) and the time-series method and econometric modeling (both quantitative). Qualitative methods rely on expert input, while quantitative methods analyze historical data.<\/p>\n    <\/div>\n  <\/div>\n    <div class=\"accordion__item\">\n    <a class=\"accordion__button d-block\" data-toggle=\"collapse\" data-parent=\"#faq-\" href=\"#q--3\"\n      aria-expanded=\"false\">\n      <h3 class=\"accordion__question\">How is AI used in business forecasting?        <svg class=\"angle-arrow angle-arrow--down\" width=\"32\" height=\"32\" viewBox=\"0 0 32 32\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n          <path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M16.5303 20.8839C16.2374 21.1768 15.7626 21.1768 15.4697 20.8839L7.82318 13.2374C7.53029 12.9445 7.53029 12.4697 7.82318 12.1768L8.17674 11.8232C8.46963 11.5303 8.9445 11.5303 9.2374 11.8232L16 18.5858L22.7626 11.8232C23.0555 11.5303 23.5303 11.5303 23.8232 11.8232L24.1768 12.1768C24.4697 12.4697 24.4697 12.9445 24.1768 13.2374L16.5303 20.8839Z\" fill=\"black\"\/>\n        <\/svg>\n      <\/h3>\n    <\/a>\n    <div id=\"q--3\" class=\"accordion__answer collapse collapse--md\" data-parent=\"#faq-\">\n      <p>AI and machine learning analyze large volumes of data and continuously refine predictions with less manual work, moving teams toward \"touchless forecasting.\" AI agents can also generate forecasts and flag risks directly inside the tools where work happens.<\/p>\n    <\/div>\n  <\/div>\n    <div class=\"accordion__item\">\n    <a class=\"accordion__button d-block\" data-toggle=\"collapse\" data-parent=\"#faq-\" href=\"#q--4\"\n      aria-expanded=\"false\">\n      <h3 class=\"accordion__question\">How does monday AI Workspace support business forecasting?        <svg class=\"angle-arrow angle-arrow--down\" width=\"32\" height=\"32\" viewBox=\"0 0 32 32\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n          <path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M16.5303 20.8839C16.2374 21.1768 15.7626 21.1768 15.4697 20.8839L7.82318 13.2374C7.53029 12.9445 7.53029 12.4697 7.82318 12.1768L8.17674 11.8232C8.46963 11.5303 8.9445 11.5303 9.2374 11.8232L16 18.5858L22.7626 11.8232C23.0555 11.5303 23.5303 11.5303 23.8232 11.8232L24.1768 12.1768C24.4697 12.4697 24.4697 12.9445 24.1768 13.2374L16.5303 20.8839Z\" fill=\"black\"\/>\n        <\/svg>\n      <\/h3>\n    <\/a>\n    <div id=\"q--4\" class=\"accordion__answer collapse collapse--md\" data-parent=\"#faq-\">\n      <p>The monday AI Workspace centralizes historical and live data in real-time dashboards, adds AI risk insights that predict delays early, and connects to 200+ tools like Salesforce and Excel. Together, these give both quantitative and qualitative forecasting a single, current source of data.<\/p>\n    <\/div>\n  <\/div>\n  <script type='application\/ld+json'>{\n    \"@context\": \"https:\\\/\\\/schema.org\",\n    \"@type\": \"FAQPage\",\n    \"mainEntity\": [\n        {\n            \"@type\": \"Question\",\n            \"name\": \"What is forecasting in business?\",\n            \"acceptedAnswer\": {\n                \"@type\": \"Answer\",\n                \"text\": \"<p>Forecasting in business is the practice of analyzing historical data, market insights, and expert opinions to project future outcomes. 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