Forecasting demand in supply chains: why it’s so important
Demand forecasting has become an important tool for supply chain and logistics professionals. In industries where unexpected delays, sudden market changes and fluctuations in demand are common, accurate forecasts enable companies to predict demand, optimize resources and minimize disruptions. Let’s explore why demand forecasting is so important, how it impacts every aspect of logistics, and the strategies companies can use to improve their forecasting capabilities. Why demand forecasting is important in supply chains The core of demand forecasting is to predict customer demand for a specific product or service within a specific period. By leveraging historical data, analytics, and sometimes artificial intelligence, businesses can accurately estimate the number of items needed to meet customer demand without over- or under-stocking. This insight is crucial for the following reasons: 1. Minimize stock-outs and excess inventoryOut-of-stock items can lead to dissatisfied customers, lost sales, and potential damage to brand reputation. On the other hand, excess inventory can lead to wasted resources, storage issues…
Insights from CEIR Forecasting Conference » Exhibition City News
What’s next for the live events industry? By Chris Kappes, Exhibition City News Predicting the future of live events is like predicting the weather—there are sunny optimism and uncertainties. At CEIR’s Forecast Conference, industry leaders gathered to discuss the future of live events as they recover from recent challenges. The event, held last week at MGM National Harbor, brought together insights from economists, futurists, and AI innovators, all of whom agreed that the future is bright, but potential storms are coming. A resilient industry facing new challenges The live events industry has shown incredible resilience in the wake of the pandemic. Adam Sacks, president of Tourism Economics, reports that the industry has recovered 91% of pre-pandemic levels in attendance, net square footage, and revenue. Tourism spending has even surpassed 2019 numbers, with air travel up 6%. However, this recovery is not without its concerns. Stagnant U.S. hotel demand and consumer spending outstripping incomes point to a slowdown through 2026-2027. A…
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