Business and Economics - Theme
- 15168 reads
Inventory management is the art and science of overseeing the flow of goods and materials within a business. It encompasses everything from ordering and storing raw materials to managing finished products waiting for sale. The goal is to strike a balance between having enough inventory to meet customer demand and avoid unnecessary costs associated with holding too much stock.
An online retailer uses a combination of demand forecasting, ABC analysis, and a WMS to manage its inventory. They use historical sales data and marketing campaigns to predict demand for different products. High-value items (A items) are closely monitored, while lower-value items (C items) might have automated reorder points based on historical usage. The WMS optimizes storage locations and picking routes in the warehouse to ensure efficient order fulfillment. This approach helps the retailer minimize inventory costs while ensuring they have enough stock to meet customer demand.
Join with a free account for more service, or become a member for full access to exclusives and extra support of WorldSupporter >>
There are several ways to navigate the large amount of summaries, study notes en practice exams on JoHo WorldSupporter.
Do you want to share your summaries with JoHo WorldSupporter and its visitors?
Main summaries home pages:
Main study fields:
Business organization and economics, Communication & Marketing, Education & Pedagogic Sciences, International Relations and Politics, IT and Technology, Law & Administration, Medicine & Health Care, Nature & Environmental Sciences, Psychology and behavioral sciences, Science and academic Research, Society & Culture, Tourisme & Sports
Main study fields NL:
JoHo can really use your help! Check out the various student jobs here that match your studies, improve your competencies, strengthen your CV and contribute to a more tolerant world
883 |
Add new contribution