The ongoing global pandemic has significantly disrupted traditional supply chain models, forcing businesses to rethink inventory management entirely. As retail companies struggle with logistics bottlenecks and rapidly changing consumer behavior, Info-Tech Research Group debuts a solution to this ongoing conundrum: the Advanced Inventory Management blueprint.
Impacts of Covid-19 on Global Supply Chains
The COVID-19 pandemic brought significant shocks to businesses, especially affecting their supply chains. Traditional methods, like ‘just-in-time’ inventory management, no longer suffice in this tumultuous climate. According to Shreyas Shukla, principal research director in the Manufacturing Industry practice at Info-Tech Research Group, the need of the hour is a balance between regionalization as a risk-aversion measure and digitalization to build capability.
Introducing Advanced Inventory Management Blueprint
The Advanced Inventory Management blueprint by Info-Tech Research Group envisages a long-term solution to these supply chain problems. The blueprint includes a five-step process that aids in assessing inventory management maturity and defining optimization, control, and visibility requirements. Additionally, the process supports the finalization of inventory costing and valuation requirements, defining performance management frameworks, and evaluating and implementing an inventory management system.
Harnessing AI for Optimal Inventory Management
In addition to the blueprint, Info-Tech Research Group emphasizes the potential of generative AI tools in enhancing inventory management. With the right inventory management system and AI, organizations achieve accurate demand forecasting, better operational cost management, explore new sales channels, and seamlessly integrate with other systems.
In conclusion, the transformation of inventory management is not just necessary but imminent. The Advanced Inventory Management blueprint is tailored towards fostering agility and resilience in handling inventory, critical to surviving in a dynamically changing supply chain environment. Coupled with the arms of artificial intelligence, this approach heralds a promising outlook for inventory management in the future.
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