What Is Demand Planning & Its Importance?
If one does not do demand planning, there are two consequences – either they manufacture less and lose potential business or they manufacture more and are left with excess inventory. Both are not the outcomes any organization would want. While it’s not possible to be 100% accurate, the goal of demand planning is to come as close as possible to the market condition based on customer demand, market dynamics, historical data, stock in hand, and manufacturing constraints.
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