Demand Forecasting Common Challenges and Solutions
Demand forecasting is the first step of planning that puts supply chain forecasting into motion. With accurately forecasted demand, you can plan your production, inventory, and even your marketing efforts. Demand forecasting refers to estimating demand for a certain product in a defined future time period. It helps you ensure availability, monitor changes in your demand, and make smart business decisions to enhance profitability. Demand planning and forecasting , if done right, enables you to streamline your supply chain operations, But it isn’t as simple as it may seem, especially in today’s actively changing markets. One major challenge in forecasting demand is ensuring accuracy, which is often dependent on various factors such as sudden changes in the market or unavailable products. Businesses also face many other challenges in forecasting demand, which can cause substantial errors. Are any of these six common forecasting challenges f amiliar to you? Dynamic Retail Industry Th