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Recognizing the value of information sharing among supply chain partners, a growing number of firms have expressed keen interest in jointly creating customer demand, managing business functions and leveraging the strength of their supply chain partners. In particular, such interest sparked the rapid development and implementation of collaborative planning, forecasting and replenishment (CPFR) that was proven to be successful in minimizing safety stocks, improving order fill rates, increasing sales, and reducing customer response time. Despite increasing popularity, key drivers for the successful development and implementation of CPFR have not been fully understood by practitioners and academicians alike. This paper unveils the invisible challenges and opportunities for adopting and implementing CPFR. Also, it provides an overview of CPFR in comparison to other alternative forecasting techniques such as agent-based forecasting and focus forecasting, while synthesizing the past evolutions and future trends of CPFR in a supply chain setting.