Forecasting and Demand Management

Forecasting and demand management involve predicting future customer needs and managing product availability accordingly. Forecasting uses historical data and trends to estimate how much of a product or service will be required in the future. Demand management utilizes these predictions to align supply with expected demand, ensuring that businesses can meet customer needs without overproducing or understocking. Together, they help organizations optimize resources, reduce costs, and enhance customer satisfaction by delivering the right products at the right time.