Inventory Management Best Practices: Strategies for Operational Efficiency and Competitive Advantage
Keywords:
Inventory Management, Supply Chain, ERP Systems, Just-in-TimeAbstract
Effective inventory management is vital for operational efficiency, cost reduction, and customer satisfaction. As global supply chains grow more complex, organizations must adopt best practices to ensure inventory accuracy, minimize waste, and respond dynamically to demand fluctuations. This paper explores critical inventory management practices including demand forecasting, just-in-time (JIT) systems, inventory optimization, use of ERP systems, safety stock strategies, and the role of AI and IoT technologies. We analyze case studies and empirical data to identify actionable strategies across industries. The findings suggest that integrating technology with strategic policy design leads to measurable improvements in performance and competitiveness
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