Difference between revisions of "Inventory Management System"
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==Figures of Merit (FOM)== | ==Figures of Merit (FOM)== | ||
The table below show a list of FOMs by which can assess | The table below show a list of FOMs by which can assess an Inventory Management System technology: | ||
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! Class !! Figure of Merit !! Units !! Metric | ! Class !! Figure of Merit !! Units !! Metric | ||
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| Value of transactions processed per annum | | Value of transactions processed per annum | ||
| [US$] | | [US$] |
Revision as of 16:41, 12 October 2023
Technology Roadmap
Roadmap Overview
Inventory management system is a critical component of business operations' supply chain management that ensures efficient flows of materials and products from vendors to customers.
Key Goals of the SCM – inventory management system are:
- Providing timely, complete, and accurate inventory levels to managements
- Minimizing carrying costs while ensuring product availability.
- Reducing stockouts and overstock situations.
- Enhancing supply chain visibility and responsiveness.
- Streamlining operations and reducing inefficiencies.
- Lowering costs while maintaining service levels.
- Meeting customer demand accurately and on time.
- Adapting to changes in demand, supply, and market conditions.
Effective management systems provide the right products at the right time and place to meet growing customer demand. It is a critical aspect of modern business operations and plays a crucial role in achieving profitability and customer satisfaction.
*image-source - https://jelvix.com/blog/automated-inventory-management-system
Design Structure Matrix (DSM) Allocation
DSM of the Inventory Management System:
The tree structure of the Inventory Management System. This roadmap focuses on the Inventory Management System.
Object Process Model (OPM)
This OPM represents the Inventory Management System:
Figures of Merit (FOM)
The table below show a list of FOMs by which can assess an Inventory Management System technology:
Class | Figure of Merit | Units | Metric |
---|---|---|---|
Value of transactions processed per annum | [US$] | Monetary value of all transactions processed per annum. | |
Productivity | Number of transactions processed per annum | # of transactions processed per country, per individual or business client type | Count of the number of transactions processed per annum. |
Machine learning accuracy | Weighted False Positive ratio | <math>\sum_{i=1}^{Systems} Weight_i \frac{FalsePositives_i}{(FalsePositives_i + TrueNegatives_i)} </math> | |
Efficiency | Average cost per transaction | [US cents] | The total Earnings Before Interest and Tax (Tax) divided by the Number of transactions processed per annum |
Transaction settlement period | [Seconds] | The time lag between the payment initiation of the payment order and its final settlement. | |
Sustainability | System downtime per year | [Seconds] | The seconds in a year is that the system is not online and processing successfully, i.e., not “up and running”. |
Payment conversion rate | [%] | # of settled transactions per annum / # of attempted transactions per annum | |
Fraud prevention | [%] | # of fraudulent transactions / # approved transactions |