What is Demand Forecasting?

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Demand forecasting predicts what customer demand will be for a product or service. It’s the process of analyzing data to make more informed decisions around supply and inventory management as well as estimate total anticipated sales and revenue. Without properly forecasting demand, businesses run the risk of either tying up cash in excess inventory or facing stock outs–both of which result in unrealized revenue and unhappy customers. On the other side, with proper demand forecasting processes in place, businesses can leverage data to extract valuable insights and, thus, position themselves to meet customer needs, decrease costs and maximize profitability.

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