Data Analysis and Forecasting in Supply Chain Management

Data analysis and forecasting in supply chain management involve collecting and examining information about products, orders, and market trends to make informed decisions. By analyzing this data, companies can predict future demand for their products, which helps in planning production, inventory, and distribution. Effective forecasting reduces waste, ensures timely delivery, and enhances customer satisfaction. Overall, data-driven insights enable businesses to respond more quickly to changes in the market, optimize operations, and maintain a competitive edge.