5 Inventory Analytics best practices to achieve inventory optimization:
It is the provision of the right inventory, in the right quantities and at the right locations, to meet the supply and demand.
1- Track Service Levels to Provision Sufficient Spares:
Keeping a track of stock and stock management through inventory analytics.
2- Classify Inventory:
Inventory analytics can be used to flag obsolete items, ensure efficient item distribution and identify critical spare parts.
3- Forecast Demand:
-Forecasting demand and planning supply
-Communicating, cooperating and collaborating
-Eliminating islands of analysis
-Using tools wisely
-Emphasizing forecasting
-Measuring everything
4- Develop a Process to Manage Obsolescence:
Incorporating analytics into the obsolescence process gives organizations the data they need to apply mitigation strategies such as supplier agreements, systems upgrades or risk mitigation purchases.
5- Liquidate Excess Stock:
Inventory analytics developed by IBM can help inventory managers ensure that they have sufficient inventory to handle fluctuating demand while still keeping costs down.