Forecasting in Supply Chain Management is the process of predicting future demand for products and services. It is an essential part of the overall supply chain management process, as it allows companies to plan for future production and inventory needs. The goal of forecasting is to provide an accurate prediction of future demand, which allows companies to better manage their supply chain and ensure they have the right products and services available when needed. Forecasting also helps companies anticipate potential risks and plan for them in advance. By accurately predicting future demand, companies can optimize their supply chain and minimize costs associated with overstocking or understocking. Forecasting also helps companies plan for new product launches and adjust their supply chain to meet customer demand. Ultimately, forecasting in Supply Chain Management is an important tool for companies to maximize efficiency and profitability.
