What is demand forecasting?
An example of an AI chatbot conversation about demand forecasting techniques and benefits.
What is demand forecasting?
Demand forecasting is the process of predicting future customer demand for a product or service.
Why is demand forecasting important for businesses?
It's crucial for inventory management, production planning, and ensuring customer satisfaction by meeting demand.
What methods are commonly used for demand forecasting?
Common methods include qualitative techniques, time series analysis, and causal models.
How accurate are demand forecasts typically?
Accuracy can vary, but with the right data and methods, businesses can achieve forecasts within 10-20% of actual demand.
Can technology improve demand forecasting?
Yes, technologies like AI and machine learning can analyze large datasets to enhance forecasting accuracy.
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