Figure out what is driving demand
Many demand planners use only univariate models when forecasting. However, you risk missing the opportunity to discover and incorporate leading indicators into your forecast.
By taking macroeconomic factors into consideration, you get a stronger sense of which outside variables have the most significant impact on demand in each of your markets.
How can you identify the key demand drivers based on your internal data?
By using multivariate models in your forecasting, you can apply a data-driven approach to capture and incorporate the market dynamics into your forecasts.