What is Demand Forecasting? AI in Business
In this video, we explain what demand forecasting is, how it works, which machine learning methods can be used, which application examples exist for forecasting, and the challenges that forecasting entails.
We begin by explaining in more detail what demand forecasting is and specifically defining the process of demand forecasting.
We then define methods and explain what forecasting can look like. Depending on the respective methodology, we also explain which data volumes are required, how much computational effort is required, which input data should be used, and whether missing values are processed.
We then demonstrate application examples. Here, we use the example of customer inquiries in a call center, and use this to demonstrate demand forecasting once again. An example from the logistics industry is also examined in more detail.
Finally, we briefly outline the challenges of forecasting and explain what to look out for when forecasting.
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Learn more about forecasting in our blog at:
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