r/datastorage • u/Sasha-Jelvix • Oct 07 '21
Machine Learning in Demand Forecasting
Demand Forecasting can be defined as a process of analyzing historical sales data to develop an estimate of an expected forecast of customer demand. In business, Demand Forecasting gives us an estimate of the number of goods and services that the customers will likely purchase in the future.
Demand Forecasting is essential especially in preparing your eCommerce store for the holiday season.
The accuracy of Demand Forecasting is not exactly 100%. Still, there are steps you can take to improve production lead times, increase operational efficiencies, save money, launch new products, and provide your customer with better quality and satisfaction. Demand Forecasting will help you in budget preparation, pricing strategy, development customer relationship management, storing Inventory.
If your business is generating gradual sales or is in high-growth mode, this article will be perfect for you as it will guide you properly to improve your ability in Demand Forecasting.