🔮 Demand Forecasting

What is a Demand Forecast?

Demand forecasting is the process of predicting customer demand to optimize inventory levels.

Imagine you run a retail store and need to prepare for the upcoming holiday season. Demand forecasting involves analyzing historical sales data, market trends, and other factors to predict how much stock you’ll need.

Accurate demand forecasting helps prevent stockouts and overstock situations, ensuring you have the right products available when customers want them. Demand forecasting is crucial for efficient inventory management and meeting customer demand effectively.