What is Demand Planning?
Demand planning is the process of forecasting or predicting the demand for products to ensure they can be delivered and satisfy customers. The goal is to keep a balance between having sufficient inventory levels and meeting customer needs without having a surplus. Keeping up with the demand trends is critical for businesses because failing to do so can result in excess stock lying unsold on the shelves or loss of customers due to lack of stock.
Benefits of demand planning for supply chain businesses
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