7+ Best Forecasting Software For 2022 [An Honest Review]

Forecasting Software

Are you on the lookout for top-notch forecasting software? Keep reading as this review can guide you in finding the best one for your organization.

As a business leader, getting accurate forecasts is vital to making correct decisions and staying proactive.

Unfortunately, forecasting isn’t easy. That’s why I’m thankful that there are valuable forecasting tools that make the process simpler without compromising accuracy.

Today, I’ll highlight 7+ leading forecasting software available this 2022 so you can learn their key features, disadvantages, and more. 

What Is The Best Forecasting Software?

If you’re in a hurry, here are my top 3 picks: SAS Forecast Server, Bizview, and Avercast.


SAS Forecast Server

4.8

Bizview Logo

4.6

Avercast Logo

4.2
Best overall. Highly efficient and easy-to-use forecast software for all businesses and enterprises. Innovative automation features.Industry leader. Comes with powerful forecasting algorithms and tools. Current leading industry forecasting software.Feature-rich. Provides a large album of forecasting algorithms and comprehensive forecast functions.
Try SAS Forecast ServerTry BizviewTry Avercast

Interested to learn more? Read on to get the in-depth guide to the best forecasting software available.

1. SAS Forecast Server – Top Pick

SAS Forecast Server forecasting software

Forecasting Software With Hierarchical Forecast Reconciliation [Custom Pricing]

SAS Forecast Server has become a popular choice for enterprises due to its power to generate accurate forecasts quickly.

But the truth is, this forecasting software is built for businesses of all types and sizes.

As long as you process large volumes of forecasts, you can benefit from it.

Automation is the primary highlight of its solutions. As standard, it allows you to select the level of automation for your forecasting process.

The minimum level of automation is ideal to use for existing forecasting models.

You can use the current models to either re-estimate its parameters or directly generate forecasts.

However, if your models are outdated or unknown, you can use the maximum level.

This function will fully diagnose historical data and time series to produce the most appropriate forecasting models.

It is most suitable in terms of how well they fit the data provided and its efficiency in predicting the future.

Of course, all data are based on your supplied business drivers, events, and other user-defined criteria.

You can perform these tasks in batch mode or using its interactive graphical user interface (GUI).

SAS Forecast Server GUI

The GUI is the most popular option because it doesn’t require you to know SAS programming. It’s designed with point-and-click access and a New Project wizard.

The New Project wizard includes a guide for users to know what is the next step to take.

A few of the tasks you are guided are listed as follows:

  • Data selection
  • Setting up a forecasting hierarchy
  • Selecting important automatic forecasting criteria
  • Specify criteria for holdout samples, forecast horizons, etc.
  • Set exception rules to flag potential problematic forecasts instantly

And the list goes on.

Hierarchical forecast reconciliation is another excellent feature of the SAS Forecast Server. This is intended to guarantee every series in the hierarchy is individually forecasted and modeled.

Once the forecasts are successfully generated, its system will reconcile each across the entirety of the hierarchy (top-down, bottom-up, or middle-out reconciliation).

Its solutions are also designed for scalability to ensure it can continuously support your forecasting needs as your business grows.

SAS Forecast Server ensemble models

Therefore, it allows you to create ensemble models. This model type is generated by combining two or more other models.

You can also use the scenario analyzer to test various scenarios that are likely to impact your present and future demand.

Pros And Cons Of SAS Forecast Server

ProsCons
Runs well on eight operating systems, including Windows, Linux, and moreComplex integration with third-party software
Allows you to analyze transactional data by hour, month, week, and dayIncludes too many features that may overwhelm new users at first
Supports user-defined forecasting model written in the SAS or C language
Provides several online tutorials to help you get started, including Disability Support Center

SAS Forecast Server Pricing Plan

SAS Forecast Server Request Pricing

There are three ways to learn how SAS Forecast Server can help your business. You can start by contacting the sales reps to request detailed product information.

If you want to see it in action, you can request a customized demo.

When you’re sure that it’s the right fit for your business, then you can request a personalized pricing quote.

2. Bizview – Best Value For Money

Bizview forecasting software

Cloud-Based Financial Planning & Analysis (FP&A) Software by insightsoftware® [Custom Pricing]

Bizview is a bit different from SAS Forecast Server because it’s built as FP&A software. This means that it can streamline your entire process from:

  • Planning
  • Budgeting
  • Forecasting

It features a cloud-based platform, so you can access it on any device and anywhere with a solid internet connection.

The platform is completed by integrating the following:

  • Analytics
  • Workflows
  • Dashboards

The dashboard’s user interface is built interactive with an Excel-like design to guarantee ease of use in data entry and navigation. Here, all your team from different departments can collaborate and communicate effectively.

You can also create reports and visualize all data.

Bizview forecasting software dashboard

All information gathered is displayed in charts, gauges, graphs, and other elements to make it easy to read and understand. A few of the reports you can generate are listed as follows:

  • Sales
  • Cost monitoring
  • Cash flow
  • KPIs

All data are updated in real-time to help you efficiently speed up the decision-making process.

Automation is also part of the Bizview solution.

However, it’s not solely focused on simplifying the forecasting process. It can also automate the following:

  • Workflows
  • Labor-intensive tasks
  • Consolidation of data
  • Requests and approvals (team collaboration)

Its most notable advantage lies in the creation of models. Forecasting models come in different forms, and Bizview happens to support them all:

  • Top-down models
  • Bottom-up models
  • Zero-based models
  • Hybrid budgeting models

No matter how your business works, you can generate the best models for it.

It also includes advanced forecasting models for greater accuracy. You can use any of these models to create the following:

  • Sales and cash flow forecasts
  • Planning your workforce, production, purchase, etc.
  • Budgets for sales, production, project, employee, and more

Are you worried about missing an opportunity?

You don’t have to because it allows you to create and test unlimited scenarios.

Pros And Cons Of Bizview

ProsCons
Provides integrated workflows, analytics, and dashboardsNo real-time human support provided through phone or live chat
Added Spreadsheet Server for quick and easy creation of reports in ExcelLack of online documentation for new users
Supports 140+ ERP and EPM systems for integrations
Test unlimited scenarios to best forecast opportunities for sales, cashflows, etc.

Bizview Pricing Plan

Bizview forecasting software request pricing

Get started with Bizview by contacting the sales team to request a personalized demo or pricing quote.

3. Avercast – Most Features

Avercast forecasting software

Feature-Rich Forecasting Software For Supply Chain Industry [Custom Pricing]

Avercast landed on my most features because it’s the only forecasting software built with over 200 forecasting algorithms.

So, whatever your business may need, ease your mind that they got you covered.

Each algorithm serves a purpose.

Too many options can be confusing. But you don’t have to worry about it because once you run a forecast, its system will assign the most suitable algorithm for it.

It chooses the algorithm based on each of your SKUs’ historical data.

You can generate the forecast for seasonal, short-term, and up to 60 months in the future.

Aside from the industry-leading algorithms, it also offers comprehensive forecasting modules.

Its demand forecasting suite is one of them.

Here, you can create a forecast for custom categories like:

  • Size
  • SKU
  • Color
  • Profit
  • Brand
  • Weight
  • Supplier
  • Location
  • Revenue
  • Inventory
  • Customer

You can also use its customizable reporting tools to compare multiple forecasts, prioritize items, and more.

Avercast forecasting performance

If you want to determine how each item performs, you can use the ABC code calculator. It’s a metric-based tool that provides a complete report of the following:

  • Cost
  • Weight
  • Revenue

Aside from the demand forecasting suite, here are the other forecasting solutions it provides:

  • Sales forecasting
  • Revenue forecasting
  • Business forecasting
  • Inventory forecasting

Avercast also implements a special-designed module called financial projections. Its primary objectives are organizing your business data and enhancing financial performance management.

Does your business experience financial abnormalities?

You can track them all using its event management tracker. Here, you can define a specific event, and it will analyze the sales performance.

After the analysis, it will provide a complete report detailing all products with abnormal sales.

Pros And Cons Of Avercast

ProsCons
Supports a wide variety of business systems for integrationsLack of free online help documentation for new users
Includes custom features and functions to support your business’ unique requirements (no additional fee)Newly-released versions not automatically implemented (requires manual updating from your end to ensure your program will run correctly)
Produces precise forecasts up to 5 years
Responsive customer/technical support via email and phone

Avercast Pricing Plan

Schedule a free demo now and learn more about how Avercast can help your business.

4. Forecast Pro – Advanced Forecasting Solution

Forecast Pro forecasting software

Off-The-Shelf Forecasting Software by Business Forecast Systems, Inc. [Starts at $1,495]

Forecast Pro combines the power of artificial intelligence, machine learning, and statistical forecasting to deliver the utmost accuracy.

One of its robust features is the automatic “best pick” algorithm which allows you to produce accurate forecasts.

No matter how many items you have, they got you covered.

They also distribute these technologies to perform the 12 forecasting methods it supports.

Expert selection is the method that eliminates guesswork. Its built-in system selects the most suitable financial forecasting technique to analyze the data and create the model.

Machine learning (ML) is used primarily to build ML-based models automatically.

They effectively do so by using Extreme Gradient Boosting Decision Trees and a predefined set of features.

Other forecasting models you can create are listed as follows:

  • Event Models: These are ideal for special events like promotions, holidays, etc.
  • Multi-Level Models: These are used for top-down or bottom-up reconciliation
  • Low Volume Models: This type of model is used for items that often have zero demand
  • Seasonal Demand Models: These allow you to forecast data with 12+ observations per year

Product mapping is an excellent companion for mapping your product histories.

Forecast Pro Product Mapping

You can use it to forecast new products, replacements, or transition to new warehouses.

Each forecast comes with an easy-to-read report that gives you a complete view of the items’ performance.

A forecast value adds reporting to compare generated forecasts to the actual data easily.


“Forecast Pro offers three editions. Its TRAC edition recently released a new version where it enhances its ability to work on multinational projects, recover unsaved projects, and more.”

Burkhard Berger

Pros And Cons Of Forecast Pro

ProsCons
Supports 12 forecasting methods to support every business needsCostly training for new users (web-based and on-site)
Built with an automatic “best pick” algorithm for consistent generation of accurate forecastsCurrently runs on any Windows-based platforms with a minimum of 4-8 GB RAM and 2GB hard drive space (recommended)
Offers Forecast Pro SDK, which can read inputs from and write outputs to a CSV fileNo free online documentation provided
Provides excellent quality of customer/technical support
Excel-based collaboration for team forecasting

Forecast Pro Pricing Plan

Forecast Pro pricing plan

Forecast Pro offers a set of per-user licenses for each edition. All include free 12-month maintenance and support.

Here’s a glance at each version with their respective starting price:

  • Forecast Pro TRAC ($9,995 for one user): This plan has all the solutions for demand forecasting, S&OP, and accuracy tracking. It also offers a collaborator license with a starting price of $1,995 for one user.
  • Forecast Pro Unlimited ($4,995 for one user): It includes all the basic solutions to create better business decisions. It also offers a collaborator license at $995/user (add up to 9 users).
  • Forecast Pro 100 ($1,495 for one user): The ideal plan for any business without complex needs. You can add up to 11+ users for $995/user.

If you have a larger team, you can contact the sales team to get a personalized pricing quote.

5. Float – Cash Flow Visibility & Management

Float Cash Flow Visibility Management

Forecasting Software For Xero, QBO, & FreeAgent [Free Trial | $59/mo]

If you’re looking to generate forecasts based solely on your business cash, then Float is the recommended choice.

It’s a hosted application that accurately provides a detailed picture in real-time of your past, present, and future cash flow. Understanding the details provided are designed as easy to interpret to ensure you can make more confident decisions fast.

Since this is hosted, you don’t have to worry about server maintenance, security, and necessary updates.

The company will take care of everything so that you can focus on the most critical aspects of your business. You can get started with Float by signing up for an account and connecting with your accounting software.

Currently, it supports three accounting software:

This is a crucial step to complete the signup process.

That’s right, Float isn’t a stand-alone cash flow forecasting software solution. Its system is designed to sync with your accounting software to manage and generate cash flow forecasts successfully.

Bank accounts, bills, invoices, and transactions are the data it syncs and uses to complete the forecasts.

To further save you time, updating the forecasts is done automatically. You can all access them inside the Insights page.

Apart from the cash flow forecasts, you can also access reports for the following:

  • Scenario comparison
  • Budgets vs. actual variance
  • Overall cash in vs. cash out

For the latter, you need to create a scenario layer first.

Float Cash Flow scenario layer

You can do so by setting up your base scenario and testing out what-if situations. The base scenario is the initial cash flow generated upon syncing with your accounting software.

Give the scenario layer a name and specific color to identify it from the others quickly.

Once you have created all the scenario layers, you can begin to choose multiple scenarios for comparison. You can set the data range from the next 3 months up to 18 months.

Float Cash Flow scenario comparison

You can also view them by days, weeks, or months.

Pros And Cons Of Float

ProsCons
Easy to use and set up (online documentation and webinars are available on the website)Not a standalone software (must signup with accounting software like QuickBooks Online, FreeAgent, or Xero)
Simple user interface (makes it easy to access all the information you need)No installable version of the app offered
Has the ability to share your forecasts with your team or across the organization in PDF and CSV formatsNo import function available for moving data from Excel into Float (manual copy-and-paste is required using Spreadsheet Input tool)
Provides reliable customer support via live chat (also provide email support)Doesn’t support 3-way forecasting

Float Pricing Plan

Float Cash Flow pricing plan

Float cash flow forecasting software is recommended for business leaders, accountants, bookkeepers, and even non-profit organizations.

To ensure they will support their unique requirements, they offer two sets of pricing models.

There are three pricing plans available for businesses (all plans are set for annual billing):

  • Essential ($59/mo.): This provides three user access, a limit of 5 scenarios to create, and more.
  • Premium ($99/mo.): This plan enables ten user access, 10 scenarios to create, and more.
  • Enterprise ($199/mo.): As for this one, you’ll get 100 user access, 100 scenarios to create, and more.

All include a 14-day free trial version to test its functionalities before making a purchase.

For accountants and bookkeepers, you can purchase a free-forever license for your entire firm. It also provides a 30-day free trial version, and it will start as soon as you add your first client.

6. Workday Adaptive Planning – Enterprise Business Planning

Workday Adaptive Planning

Budgeting & Forecasting Software With Two Easy-To-Use Interface [Custom Pricing]

Workday Adaptive Planning is a modern budgeting and forecasting solution offered to all midsize and large enterprises.

It’s a web-based system focusing on providing precise and up-to-date budgeting, forecasting, and reporting.

Together, they resolve the common pain points of each process.

The scenario planning and what-if analysis allow you to eliminate time-consuming and labor-intensive tasks by automating their processes.

You can also plan and run multidimensional scenarios for every industry and organization size.

Scalability is vital in business growth.

But you have nothing to worry about. This enterprise-wide forecasting software allows you to forecast the impact of multiple scenarios.

All you need to do is create and compare multiple driver-based models.

The models must contain the latest financial and operational data of your business. Through its Elastic Hypercube Technology engine, it will measure all the models’ elements in parallel.

You can execute them all with ease and transform data into actionable insights.

Workday Adaptive Planning Sample Reports

All captured insights are organized into easy-to-understand reports. You can also share the latest information with all operators and stakeholders for efficient collaboration.

Are you planning and forecasting around your fiscal calendar, academic calendar, or funding schedules?

You can successfully do so because Workday Adaptive Planning supports all business milestones. You’re also allowed to analyze all data by business unit, department, or program.

Adding your data sources is a vital step of the setup process.

Currently, Workday Adaptive Planning provides seamless integration to ERP, HCM, and CRM platforms.

You can also connect to custom data source systems like SAP, Oracle, and more.

Let’s not forget ease of use.

Workday Adaptive Planning Interface

This is the only forecasting software that provides two interfaces. The first one is in the Excel interface, which is ideal because you can work on it even when you’re offline.

The second one is web-based planning sheets.

This also possesses an Excel-like experience with additional cloud modeling. This is recommended to use because you can save lots of computer data storage.

Pros And Cons Of Workday Adaptive Planning

ProsCons
Easily integrates with CRM, ERP, HCM, and other data sources (also offer open APIs and custom data sources)Occasional slowing of speed while loading or processing reports
Performs spreadsheet-based scenario planning for organizations of all sizes and industriesSetting up the process can be a bit complex for new users (there are too many steps to follow)
All gathered data from planning and consolidation directly integrated with MS Excel, Word, and PowerPoints
A one-click refresh function is available for the quick updating of reports.

Workday Adaptive Planning Pricing Plan

Get started with Workday Adaptive Planning by requesting a full product demo. Here, you will learn how everything works – from building dashboards to running sensitivity analysis.

If you’re determined to use this forecasting software, you can request a trial version.

7. Gong – Revenue Intelligence Platform

Gong forecasting software

Sales Forecasting Software For Total Visibility Into Your Pipeline [Custom Pricing]

Gong is one of the advanced forecasting software that focuses solely on sales.

It uses artificial intelligence to analyze historical business data and sales trends to accurately forecast the following:

  • Sales targets
  • Potential sales
  • Achieved sales

It can even provide you with a clear picture of where you stand on every deal.

Moreover, it can efficiently do so because its system is designed to gather all the data from every point of contact with customers – calls and emails.

Once every data is captured, it will run a deep analysis using AI algorithms.

Gong also connects the data to your CRM systems to effectively identify patterns that can predict customer behaviors.

Currently, this sales forecasting software supports CRM platforms like Salesforce, Microsoft, and HubSpot.

All data are transformed into actionable insights and are neatly organized into your pipeline.

It will also provide trends and recommendations to guide you on the next steps. You can find them by category, deal, product, or other search filters available on the platform.

Searchable and digestible, all data are transformed into easy-to-understand insights which can help you identify the following:

  • Identify potential risks
  • Set budget and resources
  • Assess sales performance
  • Forecast deals that are real

Gong isn’t limited to integrating CRM software.

It also supports other third-party software for auto-dialers, sales engagement software, and more.

Since Gong is built as a revenue intelligence platform, it also uses all your customer interactions to alert you whenever it detects risks and opportunities.

Pros And Cons Of Gong

ProsCons
Includes customizable sales forecast template in Excel and Google Sheets formatsMaking modifications can be difficult, especially when you’re not the one or involved in the setup process
Integrates well with CRM systems like Salesforce, Microsoft, and HubSpotLimited online training and documentation are available for new users.
Captures and transcribes all data from calls, video conferences, and emails
Built with enterprise-grade security features with extensive audits

Gong Pricing Plan

Gong sales forecasting software pricing model is given based on your team’s specific needs. You can get the personalized pricing details by filling up the request form.

You can also get a custom demo to see its functions in action.

8. Jirav – Drag-&-Drop Data Visualization

Jirav forecasting software

All-In-One Financial Planning & Analysis (FP&A) Software [Free Trial | $250/mo]

Jirav is an all-in-one FP&A software that plans, budgets, and forecasts using a driver-based financial model.

This model contains all the data that are consolidated from your accounting, operation, and workforce.

Like most FP&A software, the first step in setting up your account is integrating your accounting system.

As of writing, it supports accounting systems like Quickbooks (desktop and online), Xero, NetSuite, and Sage Intacct.

Once successfully integrated, it will automatically import all your accounting data.

The next step is to set up your Chart of Accounts (COA).

COA is an index of all the financial accounts in the organization’s general ledger. It’s a must to set it up correctly to ensure Jirav will operate based on your planning requirements.

There are two methods to perform this task – mirror your accounting system COA or customize one inside your Jirav account.

The first method works automatically and only requires you to do a few simple clicks.

Jirav Mirror Results

If you chose the latter method, then you need to organize Jirav COA by account type:

  • Equity
  • Assets
  • Revenue
  • Liabilities
  • Cost of goods sold (COGS)
  • Operating expenses (OpEx)

The third step requires you to import your workforce.

Like the previous step, there are also two methods to do this – connect Gusto or import an Excel file. No matter what you choose, it only takes you one click to accomplish the task.

Since Jirav offers an all-in-one solution, it requires many steps to finish the setup process (a total of 23).

But don’t worry. This is all worth it because it can help you plan, budget, and forecast faster and accurately. It can even help you make key decisions when it comes to your cash flow.

It provides you with a visualized cash flow for 1 to 60 months into the future.

All forecasts and insights are accessible on your dashboard, where you can transform them into easy-to-digest reports.

Templates are also available for the quick generation of reports.


“Jirav has their own personal Tips & Tricks guide in their support site detailing methods that you can use to improve your general use of the platform’s many tools and features.”

Burkhard Berger

Pros And Cons Of Jirav

ProsCons
Easy to use financial dashboardDesigned to integrate with accounting software (can’t operate entirely without it)
Allows you to share your dashboard, plans, and published reports with teams/clients through your account or emailSetting up your account may take time as you need to fill up 10+ sections properly
Enables you to invite your team members, investors, and clients and assign each with a user role and group
Satisfactory customer support (attentive and helpful)

Jirav Pricing Plan

Jirav pricing plan

Jirav is offered in three subscription plans:

  • Starter: This plan is priced at $250/mo.
  • Pro: As for this one, it costs $850/mo. or $10,200/yr.
  • Enterprise: For this plan, you need to get in touch with their sales team to get your personalized pricing.

The Starter plan includes a 14-day free trial version to give you time to test the platform.

Unfortunately, no free trial version is available for the other two plans. But you can still explore its functions by requesting a demo.

Conclusion

Forecasting software is proven an invaluable tool for business leaders and sales teams. If I have to pick the best one from my recommendation, I’ll go with Avercast.

It’s by far the most up-to-date software that can forecast at every single level of your operation.

Inventory, budget, sales, and demand are only a few of the areas you can confidently forecast using their 200+ advanced algorithms. This is paired with an intuitive interface for ease of use.

Every business has unique requirements, and Avercast ensures to cover it all by providing custom solutions without charging you more.

Do you have a favorite forecasting software? Share it with us through the comment section.

In This Article

Burkhard Berger

Burkhard Berger

Follow me on my journey from $0 to $100,000 per month. I'm sharing everything I've learned in my income reports here on Novum™ so you can pick up on my mistakes and wins.

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