Demand planning and forecasting is the supply chain management process of forecasting demand so that products can be reliably produced and delivered to meet customer demand, while minimizing waste. Effective demand planning can improve the accuracy of revenue forecasts, align inventory levels with peaks and troughs in demand, and enhance profitability for a particular channel or product. The focus of demand planning or forecasting in industrial IoT turns on predicting demand based on historical data and on real time data acquired through the supply chain. For example, stock levels can indicate the timing of orders or can be used to automate orders.
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