Improving the accuracy of demand forecasting involves adopting best practices and leveraging advanced technologies. Here are some strategies:
Data Integration: Combine data from various sources such as sales, marketing, and external market data to get a comprehensive view. Advanced Analytics: Use sophisticated analytical tools and techniques, including machine learning and predictive analytics. Collaboration: Foster collaboration between different departments such as sales, marketing, and operations. Continuous Monitoring: Regularly update forecasts based on new data and changing market conditions.