What is AI Based Long Term Demand Forecasting ?
AI-based long-term demand forecasting is transforming how businesses predict future demand by leveraging advanced technologies like machine learning (ML), deep learning (DL), and big data analytics. Here's a comprehensive overview based on recent insights: What Is AI-Based Demand Forecasting? AI demand forecasting uses artificial intelligence to estimate future demand for products or services. Unlike traditional models that rely heavily on historical data and fixed statistical assumptions, AI models incorporate: Real-time data (e.g., IoT sensors, social media, weather) Unstructured data (e.g., customer reviews, news) External factors (e.g., economic indicators, competitor actions) This enables more adaptive, accurate, and responsive forecasting. Key AI Technologies Used Machine Learning (ML) : Algorithms like Random Forest, XGBoost, and Support Vector Machines (SVM) Used for pattern recognition and predictive modeling Deep Learning (DL) : Neural networks (...