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Demand Forecasting is a process by which the future customer demand of any product is estimated by using the available data for the product. Demand forecasts are important to the most basic processes in any organization. To plan and deliver products and services is necessary to know what the future might hold. A demand forecast is important to plan all business decisions: sales, finance, production management, logistics and also marketing. To be able to predict next purchases is a valuable thing for any business. If we make the best forecast using data then it can help businesses to provide consumers with the right product at the right place at the right time which is very much important to business to get more profit margin.
To Forecast Inventory demand using historical sales data of Grupo Bimbo bakery products in R.
The dataset used is from Mexican multinational company, Grupo Bimbo. The delivery chain is present in countries of America, Europe, Asia, and Africa. It has an annual sales volume of 15 billion dollars. Grupo Bimbo delivers fresh bakery products to 1 million stores along its 45,000 routes across Mexico. There are five datasets available.
The basic information about the features available in data are as follows.
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