AI-DRIVEN DEMAND FORECASTING IN THE GIG ECONOMY

The world is changing rapidly, and this transformation is essential. Let's consider a straightforward example: when cooking a meal, a chef must accurately estimate the precise amount of food needed. This estimation depends on several factors, including the number of people being served, how many types of food are prepared, and various other considerations. The primary intention behind these calculations is to minimize food waste. This paper follows the same principle of minimization of waste and focuses on improving consumer satisfaction through AI-driven demand forecasting in the gig economy. Traditional demand forecasting methods often struggle to accurately predict the consumption of products or services across different companies, making it challenging to meet customer needs effectively. By leveraging AI-driven demand forecasting, businesses can plan more accurately to meet customer demand. Regardless of the industry, the goal is to achieve accuracy and efficiency in service delivery. AI-driven forecasting enhances the demand forecasting process by using algorithms that produce more precise demand predictions. This paper explores the role of AI in demand forecasting within the gig economy, examining its applications, benefits, challenges, and solutions while comparing it to traditional demand forecasting techniques. This paper also provides examples from different sectors to clarify the topic.