Forecasting Software in Practice: Use, Satisfaction, and Performance

Using survey data from 240 US corporations we evaluate the use, satisfaction, and performance of forecasting software in practice. Despite large choices in commercial forecasting software packages only 10.8 percent of the respondents report using them. Most report using spreadsheets for forecast generation, and most software users routinely adjust software generated forecasts based upon their judgment. The majority of respondents report being dissatisfied with forecasting software, and identify ease of use and easily understandable results as the features they consider most important. However, users of commercial software packages are found to have the best forecast performance, as measured by mean absolute percentage error (MAPE). These findings may demonstrate that there are benefits to be gained in accuracy for those that decide to take advantage of the available technology. ________________________________________________________________________