Poor demand forecasting often results in retailers and manufacturers disappointing customers, bleeding profits, and losing market shares to competitors more in tune with the market’s preferences and buying patterns.
Businesses need data to make accurate and realistic predictions. But collecting data in itself is a big job, and once you do have access to big data, utilizing the information – deciding what is relevant, sifting through a large amount of data, converting and unifying data from diverse sources – requires even more resources: