Friday, November 13, 2009

Global : IT tools augment forecasting fashion trends - Technology News Global

Fashion designers rely more on fashion forecasting system to respond to the versatile textile market as accurate estimation of consumption pattern and sourcing management is required to minimize costs and satisfy customers.

New product development is vital for a company's competitive strategy and consequently to the new product sales forecasting of apparels and textiles that provides quantitative information on the expected return from development efforts.

Apparels made from different fibers, yarns and fabrics provide a competitive advantage as well as a long-term financial return on investment.

The relation between a new product development and new product sales forecast makes the product forecasting extremely important. Forecasting about the apparel market trends, and change in consumer preferences, decrease uncertainty, providing input for the decisions made about introducing of new products and offering feedback for the new product development process.

Traditional methods used for forecasting are mainly based on previous sales figures, and always have a possibility to fail due to different conditions. Hence, forecasting done with the latest applications of computer technology for design management offers a positive and alternative approach.

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