Demand forecasting is an important part of any business, as it helps companies anticipate customer needs and plan for the future. It is the process of predicting future customer demand for a product or service based on past sales data, market trends, and other factors. Companies use demand forecasting to make decisions about inventory, pricing, marketing, and production. By understanding the current and future demand for their products, businesses can better plan for the future and make more informed decisions. Demand forecasting also helps companies identify opportunities for growth and expansion. With accurate demand forecasting, businesses can maximize their profits and minimize their losses. Ultimately, demand forecasting is essential for businesses to remain competitive and successful in today’s ever-changing market.
