What Challenges Do Business Leaders Face in Demand Forecasting?
Despite its importance, demand forecasting comes with several challenges:
1. Data Quality: Incomplete or inaccurate data can lead to erroneous forecasts. 2. Market Volatility: Rapid changes in market conditions can make forecasting difficult. 3. Technological Barriers: Implementing sophisticated forecasting models requires investment in technology and skilled personnel. 4. Coordination: Ensuring that all departments (e.g., sales, marketing, finance) are aligned with the forecasting process.