Poor forecasting: Poor demand forecasting can sabotage your business, leaving you starving in a stock-out or drowning in a surplus. A demand forecasting system is the key to dealing with massive fluctuations in market demand for your products.
Track and compare metrics in real time and ensure you're using historical data for forecasting sales trends. In addition, monitor market metrics such as credit ratings, suppliers' product quality and delivery performance. Demand, competition, market size and costs are just some of the things that must be considered, quantified and explained to develop a solid and credible forecast.