The Future of Forecasting
Demand forecasting systems have been ill-equipped to address disruptions to our daily lives globally. Consumer packaged goods (CPG) companies and retailers were caught flat-footed as unforeseen panic buying took hold throughout 2020, resulting in product shortages. And as it turned out, the onset of the Covid-19 pandemic in 2020 was just a warm-up for what was to follow. A global supply chain disruption, inflation, and the emergence of coronavirus variants have continued to wreak havoc with demand forecasting.
How can CPGs and retailers adapt?