A quick guide to improving forecasting processes in your supply chain
Achieving an accurate forecast is one of the most vital aspects of managing inventory effectively in yoursupply chain.
It’s not easy to predict future demands, given the erratic nature of customers and the increase in supply chain disruptions. To accurately plan the right inventory, you must meet customer demand. Your forecast should draw from various data points to help you predict future sales and determine the right amount of inventory required to avoid incurring excess stock or experiencing stock-outs.
In this guide, we will explore…
- What is inventory forecasting?
- Essential inputs to help determine your forecast
- 3 steps to improve your forecasting processes
- 5 benefits of an effective forecasting process
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