Forecasting Demand

Forecasting demand is the process of estimating the future need for a product or service based on various factors, such as historical sales data, market trends, and customer behavior. Businesses use this information to plan production, manage inventory, and set pricing strategies. By anticipating demand, companies can minimize waste, reduce costs, and ensure they meet customer needs effectively. Accurate demand forecasting helps businesses operate more efficiently and adapt to changes in the marketplace, ultimately contributing to their success and sustainability.