Six Steps Inventory Optimization

The story about inventory optimization is never ending story, and it is caught in vicious circle. Six steps we described in this book will help you to keep inventories under control and you manage them, and not vice versa. My desire was to give you the tools that will be able to feed the wolf (read: to satisfy customers), and no sheep are missing (read this again: that the costs are optimal and under control). It is important to note that any method, including this one, will not do the job instead of you. In addition you need to go regularly through these steps, you will also have to make certain strategic and operational decisions on a daily basis. And remember that the worst decision you can make is the one you do not make.

The story about inventory optimization is never ending. Six steps, we described in this book will help you to keep inventories under control and you manage them, and not vice versa. My desire was to give you the tools that will be able to feed the wolf (read: to satisfy customers), and no sheep are missing (read: that the costs are optimal and under control). It is important to note that any method, including this one, will not do the job instead of you. In addition you need to go regularly through these steps, you will also have to make certain strategic and operational decisions on a daily basis. And remember that the worst decision you can make is the one you do not make. This book investigates a methodology that would: reduce inventory costs, increase the level of customer service and at the same time be sustainable in the long term. Through six practical steps and with plenty of examples you should find answer for the question of how to better and more efficiently manage inventory."

This book discusses inventory models for determining optimal ordering policies using various optimization techniques, genetic algorithms, and data mining concepts. It also provides sensitivity analyses for the models’ robustness. It presents a collection of mathematical models that deal with real industry scenarios. All mathematical model solutions are provided with the help of various optimization techniques to determine optimal ordering policy. The book offers a range of perspectives on the implementation of optimization techniques, inflation, trade credit financing, fuzzy systems, human error, learning in production, inspection, green supply chains, closed supply chains, reworks, game theory approaches, genetic algorithms, and data mining, as well as research on big data applications for inventory management and control. Starting from deterministic inventory models, the book moves towards advanced inventory models. The content is divided into eight major sections: inventory control and management – inventory models with trade credit financing for imperfect quality items; environmental impact on ordering policies; impact of learning on the supply chain models; EOQ models considering warehousing; optimal ordering policies with data mining and PSO techniques; supply chain models in fuzzy environments; optimal production models for multi-items and multi-retailers; and a marketing model to understand buying behaviour. Given its scope, the book offers a valuable resource for practitioners, instructors, students and researchers alike. It also offers essential insights to help retailers/managers improve business functions and make more accurate and realistic decisions.

Overview Do you want to become a Logistics and/or Inventory Manager? Content - Benchmarking Logistics Performance - Distribution - International Logistics - Controlling Logistics Costs - Logistics Management and Strategy - Software and Technology - Warehouse Management - Inventory Reduction Strategies: Insights from the Pros - Inventory Reduction Strategies: IOMA Readers Report – What Works - Inventory Reduction Strategies: Case Studies of Success - Technology/Computers/Software - Purchasing/Supplier Issues/Vendor Managed Inventory - Audits and Physical Inventory/Accuracy - Benchmarks - New Inventory Management Products, Services, and Ideas - Best Inventory Management Tips - E-Purchasing/E-Supply Chain etc. Duration 6 months Assessment The assessment will take place on the basis of one assignment at the end of the course. Tell us when you feel ready to take the exam and we’ll send you the assignment questions. ​​​​​​​ Study material The study material will be provided in separate files by email / download link.

Practical, easy-to-implement advice on the most successful logistics management techniques being used today--from selecting the best carriers, setting logistics performance goals, and planning logistics strategies, to streamlining shipping and receiving and slashing logistics costs, and negotiating and managing third party logistics service providers.

Remove built-in supply chain weak points to more effectively balance supply and demand Demand-Driven Inventory Optimization and Replenishment shows how companies can support supply chain metrics and business initiatives by removing the weak points built into their inventory systems. Beginning with a thorough examination of Just in Time, Efficient Consumer Response, and Collaborative Forecasting, Planning, and Replenishment, this book walks you through the mathematical shortcuts set up in your management system that prevent you from attaining supply chain excellence. This expanded second edition includes new coverage of inventory performance, business verticals, business initiatives, and metrics, alongside case studies that illustrate how optimized inventory and replenishment delivers results across retail, high-tech, men's clothing, and food sectors. Inventory optimization allows you to avoid out-of-stock situations without impacting the bottom line with excessive inventory maintenance. By keeping just the right amount of inventory on hand, your company is better able to meet demand without sacrificing the cost-effectiveness of other supply chain strategies. The trick, however, is determining "just the right amount"—and this book provides the background and practical guidance you need to do just that. Examine the major supply chain strategies of the last 30 years Remove the shortcuts that prohibit supply chain excellence Optimize your supply/demand balance in any vertical Overcome systemic weaknesses to strengthen the bottom line Inventory optimization is benefitting companies around the world, as exemplified here by case studies involving Matas, PWT, Wistron, and Amway. When inefficiencies are built into the system, it's only smart business to identify and remove them—and implement a new streamlined process that runs like a well-oiled machine. Demand-Driven Inventory Optimization and Replenishment is an essential resource for exceptional supply chain management.

As the age of Big Data emerges, it becomes necessary to take the five dimensions of Big Data- volume, variety, velocity, volatility, and veracity- and focus these dimensions towards one critical emphasis - value. The Encyclopedia of Business Analytics and Optimization confronts the challenges of information retrieval in the age of Big Data by exploring recent advances in the areas of knowledge management, data visualization, interdisciplinary communication, and others. Through its critical approach and practical application, this book will be a must-have reference for any professional, leader, analyst, or manager interested in making the most of the knowledge resources at their disposal.