Collaborative forecasting is a process where multiple stakeholders, such as suppliers, customers, and internal teams, come together to share insights and data to improve the accuracy of future demand predictions. This approach leverages the knowledge and perspectives of various participants to create a more holistic understanding of potential market conditions, leading to better-informed decision-making. It enhances traditional forecasting methods by incorporating real-time information and varying viewpoints, making it particularly useful in dynamic business environments.
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