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Forecasting demand has become increasingly challenging due to economic volatility, inflation, and unpredictable consumer behavior. Demand planners now face a multitude of factors, including extreme weather and geopolitical uncertainties, which complicate their ability to predict market needs accurately. Traditional static planning methods are no longer sufficient, necessitating more frequent adjustments to forecasts, sometimes multiple times a day, to keep pace with rapid changes in the market.
The high costs associated with outdated forecasting methods can lead to lost sales, decreased customer loyalty, and excess inventory. To address these challenges, companies are turning to artificial intelligence (AI) to enhance their demand planning capabilities. AI-powered decision engines can analyze vast amounts of real-time data, dynamically adjusting forecasts and providing insights that empower planners to make informed decisions, ultimately leading to improved margins and customer satisfaction.
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