Demand Forecasting for Efficient Supply Chain Management
At the heart of supply chain optimization lies demand forecasting. Why? Because it is a critical component that allows businesses to anticipate customer needs and adjust operations accordingly. On the other hand, without accurate demand planning, businesses end up with excess inventory that is both wasteful and expensive. Simply, its a process of predicting future consumer demands using historical data, market trends, and other analytical techniques. Likewise, its importance in supply chain management cannot be overstated.