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Business strategy
Importance of Data and Analytics in Inventory Management.
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[QUOTE="Phantasm, post: 332791, member: 94599"] Data and analytics are essential in inventory management, giving businesses insights to optimize their supply chain processes. They enable accurate demand planning, optimize stock levels, reduce holding costs, and improve ordering and replenishment processes. In addition, they provide supply chain visibility that enables tracking of movement, monitoring of supplier performance and identifying potential bottle necks. Data analytics also support seasonal inventory planning to ensure products are available during demand peaks and not overstocked during slow times. Analytics aid in risk management too helping identify and mitigate risks inherent in inventory management as well as evaluating supplier performance and understanding customer behavior. Moreover, data analysis helps in waste reduction, compliance with industry regulations and continuous improvement. In conclusion, integrating data and analytics in inventory management results in better decisions making process, higher operational efficiency and improved adaptability to market dynamics. [/QUOTE]
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