Difference between revisions of "Inventory Management System"
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Revision as of 17:13, 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.
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:
Examples of FOM performance
Over the last 52 years, inventory management system was improved by about 7% annualized growth based on the FoM trend indicated below:
