The Covid-19 pandemic was certainly an unusual phenomenon. Its impact was sudden and dramatic. It was not only local or regional but felt all over the world. Forecasting demand during this time was quite challenging because of unprecedented and rapid changes in consumer behavior. Consumer preferences changed across categories, channels, brands, and frequency of trips to stores. Disruptions in supply chains further complicated the problem of managing demand. As a result, many companies had to revise their forecasting processes and rely on real-time data. The objective of this report is to benchmark the impact of the pandemic on forecast error and show what a global phenomenon of this magnitude can do to the planning process.

By Chaman L. Jain

Table of contents

1. WHY BENCHMARKING?
2. DATA USED
3. CHARACTERISTICS OF FORECAST ERROR
4. FORECAST ERROR DURING THE PANDEMIC │ ALL INDUSTRIES COMBINED│2020-2022
5. FORECAST ERROR DURING THE PANDEMIC │ CONSUMER GOODS INDUSTRY│2020-2022
6. FORECAST ERROR DURING THE PANDEMIC │ FOOD & BEVERAGE INDUSTRY│2020-2022
7. FORECAST ERROR │ PANDEMIC VS. NON-PANDEMIC │ ALL INDUSTRIES COMBINED│ 2017-2019 VS. 2020-2022
8. FORECAST ERROR │ PANDEMIC VS. NON-PANDEMIC │ CONSUMER GOODS INDUSTRY │2017-2019 VS. 2020-2022
9. FORECAST ERROR │ PANDEMIC VS. NON-PANDEMIC │ FOOD & BEVERAGE INDUSTRY │ 2017-2019 VS. 2020-2022
10. CONCLUSIONS