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Demand forecasting plays an important role for businesses in different industries, particularly with regard to mitigating the risks associated with particular business activities. However, demand forecasting is known to be a challenging task for businesses due to the intricacies of analysis, specifically quantitative analysis. [ 4 ]
Supply chain management and customer demand planning — Forecasting can be used in supply chain management to ensure that the right product is at the right place at the right time. Accurate forecasting will help retailers reduce excess inventory and thus increase profit margin. Accurate forecasting will also help them meet consumer demand.
Demand forecasting assists management in predicting future sales and revenue projection, which inform operations and marketing decisions as well future financial planning. [87] The process of demand forecasting often uses business analytics, particularly predictive analytics , with respect to historical data and other analytical information, to ...
TIFAC (Technology Information Forecasting and Assessment Council) is an autonomous organization set up in 1988 by the government of India under the Department of Science & Technology to: look ahead in technology domain; assess the technology trajectories; and support innovation by networked actions in select areas of national importance.
Collaborative planning, forecasting, and replenishment (CPFR) is an approach to the supply chain process which focuses on joint practices.This is done through cooperative management of inventory through joint visibility and replenishment of products throughout the supply chain.
Customer demand planning aims at matching customer supply planning logic and implies CPFR type collaboration. Aspects of demand management include customer experience, demand creation, inventory and pricing optimization, channel management, sourcing, transportation optimization and advanced practices in technology. [2]
Calculating forecast attainment periodically (monthly for example) provides visibility to the overall achievement of the plan and the total business bias. The time period of shipping activity should be compared against the forecast that was set for the time period a specific number of days/months prior which is call Lag.
Revenue management requires forecasting various elements such as demand, inventory availability, market share, and total market. Its performance depends critically on the quality of these forecasts. Forecasting is a critical task of revenue management and takes much time to develop, maintain, and implement; see Financial forecast.