Supply chain forecasting refers to the process of predicting demand, supply or pricing for a product — or a range of products — in a particular industry.
For example, the algorithms behind a forecasting model can look at data from suppliers and customers and forecast the price of a product. The algorithm can also examine external factors, such as weather or other disruptive events, to further increase the precision of the pricing forecast.
Advanced supply chain forecasting uses AI to save time and money, improve accuracy, and help enterprises react to exceptions in real time. AI-powered supply chain platforms can assimilate large volumes of forecasting data and provide effective insights to ensure an agile and flexible supply chain.