Demand Forecasting and Inventory Management

Demand forecasting is the process of estimating how much of a product or service customers will need in the future. This helps businesses plan their operations, ensuring they have the right amount of stock available to meet customer demand without overproducing. Inventory management involves tracking and controlling stock levels efficiently, ensuring that products are available when needed while minimizing holding costs. Together, these practices help businesses operate smoothly, avoid shortages or excess inventory, and ultimately improve customer satisfaction and profitability.