How forecasting plays a role in business unit and organization?

Forecasting plays a crucial role in business units and organizations by enabling informed decision-making and strategic planning. It helps anticipate future trends, customer demands, and market conditions, allowing businesses to allocate resources efficiently and adjust their strategies accordingly. By analyzing historical data and market indicators, organizations can minimize risks and seize opportunities, ultimately enhancing their competitiveness and profitability. Effective forecasting fosters collaboration across departments, ensuring that all units align with the overall business objectives.