Why is forecasting demand important

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Within the Discussion Board area, write 400-500 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.

Through improved financial strategies and data management, the supply chain of a company can improve their customer experience, business efficiencies and overall financial performance. By collecting data, improving customer intimacy, establishing financial strategies, and through the use of analytics, organizations can embark on new opportunities and stronger financial futures. Complete the following:

  • Discuss why it is important for an organization’s supply chain to include the management of their data and financial strategies by answering the following questions:
    • What types of supply chain tools help a company collect data? Please describe two types of tools.
    • How does supply chain management help a company to improve efficiency and effectiveness?
    • How does contract bidding improve a company’s financial outcome?
    • Why is forecasting demand important?

Be sure to include your references, and format your submission in APA format.

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