If you want to know about the types of demand forecasting, then there are 2 main essential types. Short term demand forecasting and medium terms demand forecasting.
The term short refers to the forecasting for a short span of time. In this, you will get to have 4 to 12 months of service in which you can easily get to know about your cash flow or the demands of the customers.
On the other hand, in medium forecasting, you will get to have one to two years of service. It is up to you and up to your business as to which kind of service is suitable for you. You will also get to have lots of benefits for the growth of your business.
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How is demand forecasting important?
If you are thinking that demand forecasting is not worthy, then you are wrong because this will be very helpful for your business. It does not matter whether your business is huge or not, and you can go for this process.
You can plan your finance or sales market in your business. This is one of the best strategies with the help of which you can run your business smoothly. You will easily get to overcome the risks of fall in demand.
Expansion is a vital reason
For the expansion of business, the demand forecasting is the better procedure. In this, all the demands, stock in the warehouse, stock in transition will be calculated.
The calculation is to be done so carefully that results should be calculated accurately. Thus, in this way, you can easily get to know about the demands in advance. All the stock in your warehouse will be sold on time so that they can get refilled again.
