How can machine learning improve demand forecasting?

How can machine learning improve demand forecasting?

Machine learning can analyze historical data and identify patterns to predict future demand more accurately.

What types of data do I need for effective forecasting?

You'll need historical sales data, market trends, seasonality factors, and possibly external data like economic indicators.

Can you give me an example of a machine learning model used for this?

Sure! A common model is the ARIMA model, but more advanced techniques like LSTM neural networks are also popular.

What are the challenges in implementing these models?

Challenges include data quality, model selection, and the need for continuous updates as new data comes in.