Demand forecasting is a crucial part of supply chain management, as it helps companies predict the future demand for their products or services.
Accurate demand forecasting can help optimize inventory levels, production planning, and distribution, leading to lower costs and better customer service. The demand forecasting process typically involves collecting historical data, analyzing trends, and identifying relevant external factors that may impact future demand. There are various methods and techniques used in demand forecasting, such as statistical models, machine learning algorithms, and expert judgment. The choice of method depends on factors such as data availability, industry, and market conditions. Accurate demand forecasting is essential for effective supply chain management, and it can provide a competitive advantage in today’s rapidly changing business environment.
At Translytics, we have built inhouse algorithm which uses advanced algorithms for demand forecasting. We have tuned algorithms to suit any kind of industry to give the best results.
Translytics Demand Forecasting services help companies-
To improve forecast accuracy
To right place inventory at right distribution centers