Definition
Strategies for determining inventory levels, order quantities, and safety stock to meet production and customer needs.
Learn more about Inventory Planning
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.
Adopting an integrated approach to inventory management not only mitigates risks but also fuels long-term business success, says Oliver Wight Americas’ Business Advisor Alexander Miltenburg.
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.
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 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.
Bloated inventories were not confined to retail post-COVID, and while the retail sector has brought inventories under control, the industrial sector has not.
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Macy’s has doubled down on strategies it put in place before the pandemic, and now it is maximizing inventory and margins.
On this episode, Larry Lapide explains why he’s a fan of inventory, especially good inventory. SCMR’s Editorial Director Bob Trebilcock hosts.
