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You’re constantly losing track of your inventory. How can you streamline it with the right tools?

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Managing your inventory can be a daunting task, especially if you have multiple products, locations, and suppliers. You need to keep track of what you have, what you need, what you order, and what you sell. If you don't have a reliable and efficient system, you can end up with excess stock, stockouts, wasted resources, and unhappy customers. How can you streamline your inventory with the right tools? In this article, we'll show you how operations research can help you optimize your inventory management and improve your business performance.

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1 What is operations research?

Operations research (OR) is a discipline that applies mathematical and analytical methods to solve complex problems and make better decisions. OR can help you model, analyze, and optimize various aspects of your inventory, such as demand forecasting, inventory control, replenishment policies, inventory allocation, and inventory performance measurement. OR can help you find the optimal balance between inventory costs and service levels, and adjust your inventory strategy according to changing market conditions and customer preferences.

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Harsh Sharma

AI/ML Transformation Leader @ Koch | Operations Research | Generative AI | Technical Program Management | Delivering $100M+ Business Value
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Not an OR specific article. It’s too generic and like other OR collaborative articles, begins with “what is OR”. When will LinkedIn fix this…

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2 How to use OR tools for inventory management?

There are many OR tools that you can use for inventory management, depending on your specific goals and constraints. Linear programming, for instance, enables you to find the optimal solution for a problem that involves linear relationships and constraints. This could be used to determine how much of each product to order and store at each location, while minimizing the total inventory cost and meeting the customer demand. Simulation is another technique that allows you to create a virtual representation of your inventory system and test different scenarios and outcomes. Lastly, inventory models are mathematical formulas that help you calculate the optimal order quantity, reorder point, or safety stock for your inventory items, based on factors such as demand rate, holding cost, ordering cost, and service level. The economic order quantity (EOQ) model is an example of such a model which helps minimize the total inventory cost.

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3 How to choose the right OR tools for your inventory?

When selecting OR tools for inventory management, you should take into account the type and nature of your inventory items, the characteristics and objectives of your inventory system, and the availability and quality of your data. You should also consider the benefits and limitations of each OR tool, such as the ease of implementation, the computational complexity, the sensitivity to assumptions, and the robustness to uncertainty. For example, are your inventory items perishable or durable? Do you have a single or multiple inventory locations? Do you have accurate and timely data on your inventory levels? Do you aim for a high or low service level? Answering these questions will help you determine which OR tool is best suited for your needs.

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Gabriel Kitutu

A Continuous Improvement oriented Industrial Engineer - a “What if” type of innovator.
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After determining the type of inventory units at hand, you can organize them in batches/racks/pallets or individually depending on the size. Then you can then choose between Barcode or QrCodes, Radio-frequency IDs, Apple tags, satellite pins to keep track of the Inventory units as well as assigning Unique identifier serials to the transportation means and their destinations. These can be used in optimizing the transshipment model and keeping better track of the inventory

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4 How to implement and evaluate the OR tools for your inventory?

Once you have selected the OR tools that suit your inventory management needs, it is time to implement them and evaluate their results. This process begins with collecting and organizing your data from various sources, such as inventory records, sales reports, supplier invoices, and customer feedback. You must ensure that the data is consistent, complete, and relevant for your analysis. After applying the OR tools to your data and generating optimal solutions, you must test them for feasibility, validity, and reliability. Additionally, you should compare them with your current or alternative solutions. Finally, you should track and evaluate the impact of your OR tools on your inventory performance and business outcomes. Relevant metrics and indicators such as inventory turnover, fill rate, backorder rate, inventory accuracy, and inventory cost should be used to measure performance.

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Hassan Alhaj Mohammad

Assistant Professor | Operations, Supply Chain, Analytics
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To streamline your inventory, start by assessing current procedures from procurement to distribution. Collaborate with stakeholders to identify inefficiencies. Evaluate the effectiveness of existing tools for real-time tracking. Measure practices against industry standards for improvement. Analyze costs, including monetary, time, and effort, to find savings opportunities. Gauge the organization's technological readiness for new tools. Identify potential risks associated with stock management and financial reporting. Consider the impact of processes on customer satisfaction. Examine sustainability and explore environmentally conscious practices.

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5 How to improve and update the OR tools for your inventory?

The OR tools that you use for your inventory management are not static or fixed, requiring regular improvement and updates as your inventory situation and environment change. To do this, you should review and revise your assumptions about inventory parameters, such as demand rate, lead time, holding cost, ordering cost, and service level. Moreover, new data should be collected from inventory operations and feedback, as well as external sources like market research or competitor analysis. Additionally, you should learn and apply new OR tools to enhance your inventory management and optimization. This could include exploring different OR techniques like stochastic programming, nonlinear programming, or machine learning.

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Hassan Alhaj Mohammad

Assistant Professor | Operations, Supply Chain, Analytics
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Integrating OR tools with technology involves utilizing advanced analytics and software solutions for efficient decision-making. This enables real-time monitoring, demand prediction, and optimization of inventory strategies, fostering a dynamic and data-driven approach. Technologies like RFID and IoT devices enhance data accuracy, contributing to more effective inventory management.

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Ahmet KALAYCI

Founder Member at Hemp Agricultural Production and Marketing Cooperative
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To enhance inventory management OR tools: Review Assumptions: Regularly assess inventory parameters for accuracy. Collect New Data: Gather data from operations, feedback, and external sources. Explore New Techniques: Incorporate advanced OR methods like stochastic programming or machine learning. Monitor Performance: Regularly evaluate tool performance and adjust strategies accordingly. Seek Feedback: Collaborate with teams and stakeholders for insights. By continuously updating tools and techniques, adaptability and efficiency in inventory management can be maximized.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Hassan Alhaj Mohammad

Assistant Professor | Operations, Supply Chain, Analytics
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Implement continuous improvement methodologies like Six Sigma or Lean to identify inefficiencies and streamline processes. Regularly review and update inventory management procedures to adapt to changing business needs.

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You’re constantly losing track of your inventory. How can you streamline it with the right tools?

1

2

3

4

5

6

1 What is operations research?

2 How to use OR tools for inventory management?

3 How to choose the right OR tools for your inventory?

4 How to implement and evaluate the OR tools for your inventory?

5 How to improve and update the OR tools for your inventory?

6 Here’s what else to consider

Operations Research

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You’re constantly losing track of your inventory. How can you streamline it with the right tools?

1

2

3

4

5

6

1 What is operations research?

2 How to use OR tools for inventory management?

3 How to choose the right OR tools for your inventory?

4 How to implement and evaluate the OR tools for your inventory?

5 How to improve and update the OR tools for your inventory?

6 Here’s what else to consider

Operations Research

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