Explanation:

Forecasting the demand for the products and services that you offer is a vital part of the success of your business, regardless of your industry. It helps you understand how much inventory you need to stock and whether or not you need to grow your staff, among other things.

Anticipating the demand for the products and services that your business offers involves many factors, including analyzing past sales data in order to determine demand in the future. An precise demand forecast allows you to ensure that your operations are efficient for the future, enables you to offer better customer services and it can reduce the amount of time that your customers need to wait for manufactured products.