Given the pharmaceutical industry's highly competitive nature, accurately forecasting the demand serves as a significant advantage to the companies. Overforecasting can lead to the wasteful overuse of the supply chain, while under-forecasting can lead to not meeting consumer demand, ultimately resulting in poor customer satisfaction.
Pharmaceuticals need to respond to the changes in business needs and create a process where data can be used to forecast customer demand through indicators powered by AI. Improved forecast models that use multiple data sources and smart insight surrounding external events will leave pharmaceutical professionals with better modelling and more insights coming in.
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