DEMAND FORECASTING: ISSUES AND CHALLENGES IN INDIAN COMPANIES
Keywords:
Demand, Forecasting and CompaniesAbstract
Demand forecasting is a critical function for businesses in India, influencing inventory management, production planning, and financial performance. However, Indian companies face several unique issues and challenges that complicate accurate demand prediction. These include data scarcity and quality, varying consumer behavior across diverse demographics, seasonal fluctuations, and the influence of local festivals and holidays. Additionally, the rapid pace of market changes, driven by economic factors and emerging technologies, further complicates forecasting efforts. Companies often grapple with integrating advanced analytical tools and methodologies due to resource constraints and varying levels of technological adoption. This paper explores these challenges in detail, highlighting case studies from various sectors such as retail, manufacturing, and e-commerce. It aims to provide insights into best practices and innovative strategies that Indian companies can adopt to enhance their demand forecasting capabilities, ultimately driving better decision-making and operational efficiency.
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