Shortages and obsolescence are big issues in the business world. They can disrupt your brand's operations, affect your profit, and even threaten your survival as a company. But, with the right strategies, you can overcome these obstacles and help your business thrive. In today's article, we will be talking about what shortage and obsolescence challenges are and how you can overcome them. Let's get to it.

Demand planning and forecasting are the backbone of any successful business, whether it's a small boutique, a multinational corporation, or anything in between. When you perform these processes effectively, you make it easier for your business to maintain the right inventory levels, avoid stock shortages or surpluses, and respond proactively to shifts in market demand. On the flipside, poor forecasting can lead to major challenges, such as lost sales and wasted resources, not to mention a damaged reputation due to unmet customer expectations.