What are some effective inventory optimization techniques?
An example of an AI chatbot conversation about inventory optimization techniques.
What are some effective inventory optimization techniques?
Effective techniques include demand forecasting, safety stock management, and just-in-time inventory.
Can you explain demand forecasting?
Demand forecasting involves predicting future customer demand using historical data and market analysis.
What is safety stock management?
Safety stock management is maintaining extra inventory to prevent stockouts during unexpected demand spikes.
How does just-in-time inventory work?
Just-in-time inventory minimizes stock on hand by ordering goods only as needed for production or sales.
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