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?
- 1. SAS Forecast Server – Top Pick
- 2. Bizview – Best Value For Money
- 3. Avercast – Most Features
- 4. Forecast Pro – Advanced Forecasting Solution
- 5. Float – Cash Flow Visibility & Management
- 6. Workday Adaptive Planning – Enterprise Business Planning
- 7. Gong – Revenue Intelligence Platform
- 8. Jirav – Drag-&-Drop Data Visualization
What Is The Best Forecasting Software?
If you’re in a hurry, here are my top 3 picks: SAS Forecast Server, Bizview, and Avercast.
|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 Server||Try Bizview||Try 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
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However, if your models are outdated or unknown, you can use the maximum level.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).
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.
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
|Runs well on eight operating systems, including Windows, Linux, and more||Complex integration with third-party software|
|Allows you to analyze transactional data by hour, month, week, and day||Includes 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
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
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:
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:
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.
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:
- Cost monitoring
- Cash flow
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:
- 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
|Provides integrated workflows, analytics, and dashboards||No real-time human support provided through phone or live chat|
|Added Spreadsheet Server for quick and easy creation of reports in Excel||Lack 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
Get started with Bizview by contacting the sales team to request a personalized demo or pricing quote.
3. Avercast – Most Features
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:
You can also use its customizable reporting tools to compare multiple forecasts, prioritize items, and more.
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:
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
|Supports a wide variety of business systems for integrations||Lack 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
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.
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.
Pros And Cons Of Forecast Pro
|Supports 12 forecasting methods to support every business needs||Costly training for new users (web-based and on-site)|
|Built with an automatic “best pick” algorithm for consistent generation of accurate forecasts||Currently 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 file||No free online documentation provided|
|Provides excellent quality of customer/technical support|
|Excel-based collaboration for team forecasting|
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
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:
- QuickBooks Online
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.
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.
You can also view them by days, weeks, or months.
Pros And Cons Of Float
|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 formats||No 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 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
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.
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.
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
|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 industries||Setting 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
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
|Includes customizable sales forecast template in Excel and Google Sheets formats||Making 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 HubSpot||Limited 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
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.
If you chose the latter method, then you need to organize Jirav COA by account type:
- 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.
Pros And Cons Of Jirav
|Easy to use financial dashboard||Designed 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 email||Setting 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 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.
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.