How does demand forecasting contribute to effective supply chain planning and management?
Locada Changed status to publish July 22, 2024
Demand forecasting is a critical element in effective supply chain planning and management. By analyzing historical data, market trends, and customer behavior, companies can make informed predictions about future demand for their products. Accurate demand forecasts enable businesses to optimize inventory levels, plan production schedules, and improve overall efficiency in the supply chain. This, in turn, helps in avoiding excess inventory or stockouts, reducing carrying costs, and enhancing customer satisfaction through timely deliveries.
Locada Changed status to publish July 22, 2024