Inventory management is the process of handling stock and inventory. It is an important supply chain element and involves activities such as supervision and monitoring ordering inventory, inventory storage and controlling the quantity of the product to be sold. Creative ways have been created to deal with the value, volume, and velocity of inventory across a supply chain. This essay describes the most creative inventory management model I would apply if my organization were a global company giving an explanation for selecting the model.
The best creative model for inventory management is a management system that tracks the movement of inventory across all the sale networks in real time. Chances of overselling will be reduced if the stock movements across channels are updated constantly. The constant updating of inventory movement can be improved in global firms by introducing automation. Automation of the inventory management system will eradicate human errors and increase reliability. Computer software can be developed to manage the organization's inventory and this will give staff personnel to ship or be allocated to other productive roles in the company. Excel and spreadsheet can be used for small companies but complex and sophisticated inventory management techniques are applied for large and global organizations.
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The reason for selecting this model is because it will help in calculating the right amount of inventory to stock, the right place for my inventory and determine the reorder for new inventory. This model may have some challenges but the advantages it brings out weight the challenges. The inventory of any organization is very important and should be managed carefully to provide information that can be used for analysis purposes.
