Supply Chain Glossary

Inventory Management

Definition
The planning and control of inventory levels to balance supply and demand effectively.


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Dealing with supply chain complexities with scenario intelligence
Using a tailored simulation model provides strategic insight into inventory management, resulting in improved forecast accuracy, reduced errors by 26%, and lowered Mean Absolute Percentage Error from 28% to 20.7%, research found.
Why build-to-order warehouses demand smarter WMS solutions
Implementing a warehouse management system in build-to-order environments requires advanced capabilities and customization to handle complex, variable operations that standard systems often cannot support.
How we gamified mathematical optimization using burritos
Gurobi Optimization, in collaboration with Dr. Larry Snyder of Lehigh University, created a supply chain optimization game based on the ability to deliver burritos to customers, maximizing profits.
Combating sequential time delays in pharmaceutical supply chains
The pharmaceutical industry faces significantly longer lead times than other industries, and time delays can seriously impact the health outcomes of countless individuals. Recognizing the potential risks this poses, one industry giant sought to…
Risk management: The intersection of supply chain and aircraft availability
With finite resources, it is in the best interest of any organization to properly quantify the risk associated with individual components. In both the military and industry, it is imperative that investments in the supply chain are prioritized…
Unlocking efficiency: How automation sharpens forecasting in the energy industry
In the fast-paced world of energy-exploration technology, companies are constantly on the lookout for innovative strategies to help them stay ahead of market dynamics. For one global energy company, the key to unlocking efficiency was transforming…
From reactive to proactive: Mitigating semiconductor delivery in an oil & gas company
By leveraging a data-driven approach and machine learning algorithms, an oil & gas company was able to more accurately predict semiconductor availability, reducing safety stock inventory and more effectively predicting lead-time forecasting.
Deliver fresher food: A pick-to-zero transformation for retailers
A pick-to-zero strategy is an order-picking method where shipments are received, put away, picked, and shipped out on the same day. When adding in network design changes, the benefits result in increased product freshness and lower daily shipment…
Raw material shortages have abated, but some lingering issues remain
Raw material shortage issues differ across manufacturing industries and while they have eased in some sectors, they remain elevated above pre-COVID levels for a number of sectors.
Increased semiconductor M&A presents challenges for supply chain professionals
As more mergers take place in the semiconductor industry, customers need to carefully track data such as product identification numbers that can change at the manufacturer level, adding a layer of confusion.
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