Inventory Optimization
Inventory optimization is the process of using data analysis and mathematical modeling techniques to determine the optimal inventory levels for a business. The goal is to minimize the costs associated with holding inventory while ensuring that enough stock is available to meet customer demand. This involves analyzing historical sales data, lead times, and other factors to forecast future demand and determine the appropriate reorder points and order quantities. Inventory optimization can also involve identifying slow-moving or obsolete items and adjusting inventory levels accordingly. By optimizing inventory, businesses can reduce carrying costs, minimize stockouts, and improve overall efficiency and profitability.
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