Forecasting is a technique of predicting the future based on historical data results. It involves a thorough analysis of past data to predict future outcomes. Forecasting uses Statistical methods, Machine Learning models, and human decision methods and is an ever-relevant and dynamic field of knowledge.
In the supply chain context, especially for Demand Planning, an accurate and reliable forecast is very important, because it helps organizations align resources more effectively to fulfill customer and internal KPIs. However, from our experience, we have seen companies struggling to generate meaningful and usable forecasts despite their investments in enabling the process using a plethora of systems and tools.
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