What are the best practices for inventory management in supply chain?
An example of an AI chatbot conversation about supply chain management and inventory best practices.
What are the best practices for inventory management in supply chain?
Best practices include accurate demand forecasting, regular inventory audits, and implementing just-in-time inventory systems.
How can technology improve inventory management?
Technology can enhance inventory management through automation, real-time tracking, and data analytics for better decision-making.
What role does inventory turnover play in supply chain management?
Inventory turnover measures how quickly inventory is sold and replaced, indicating efficiency and helping to reduce holding costs.
Can you explain the concept of just-in-time inventory?
Just-in-time inventory is a strategy that aligns inventory orders with production schedules to minimize holding costs and waste.
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