For any business that deals with the public, it’s essential to have a way to predict the demand for products or services. Knowing how many customers you’ll have over the course of a given day will help you as you order inventory and schedule staff to accommodate the customers that arrive. Even online businesses need to be able to predict customer demand in order to prepare.
But as many businesses have discovered, there are methods for demand forecasting that can make it more accurate and less of a headache. I’ve had to deal with this on a daily basis for our products and services. What if we order to much, or even worse, too little to keep up with demand.
Here are a few ways to improve your business’s demand forecasting efforts.