Forecasting One portion is Due today Discussion

Respond to the following in a minimum of 175 words:How has the development of the internet affected the way companies forecast in support of their supply chain planning process?Provide an example of a successful or unsuccessful forecast.Why is it important for firms to focus on forecasting models?Compare and contrast the various types of forecasting models.By EricThe internet is a tool that is widely used for information. It has become one of the go to sources since going to the libraries or reading newspapers. The internet itself has truly affected how companies forecast for their supply chain planning process. “Leading firms are using Web-based technologies to migrate from centralized, intra-enterprise planning to distributed optimization based on the synchronized capabilities of all trading partners” (O’Brien, 2004). Companies are slowly moving away from planning for products. They are planning more for capabilities. The internet has made it to where by recognizing and collaborating in the horizontal and vertical marketplace, they are becoming more competitive and are given an advantage. Because the world today is so technologically based, the information needed is collected and gather through the internet where there is little to no need for additional staffing on forecasting supply and demand. “Focus is shifting from internal integration to connected, collaborative supply webs, which drives top-line growth, operating efficiencies, and reduced working capital investment” (O’Brien, 2004). These tactics and advantages will allow companies to save more money and increase their profit and