demand forecasting

How to Improve Demand Forecasting Accuracy?

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.

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