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Diversifying product portfolios is essential for remaining competitive. New product launches are one of the best ways to stay ahead of the competition, but research must be conducted to ensure sufficient demand.
Market research and data analysis are valuable tools for product launches. New product demand forecasting is crucial and requires collating data from multiple sources, including sales data, marketing impact, and timing.
Forecasting Bias
Forecast bias can lead to over- or under-forecasting, and recency bias can sway our decisions based on recent events, rather than the data. Bias is difficult to control, but technology can help.
PLM systems are useful for new product forecasting, increasing efficiency, and identifying growth areas. Get in touch with the Bombyx PLM team to learn more.