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Inventory planning involves using forecasting techniques to estimate the inventory required to meet consumer demand. [ 1 ] [ 2 ] [ 3 ] The process uses data from customer demand patterns, market trends , supply patterns, and historical sales to generate a demand plan that predicts product needs over a specified period.
While it is sometimes used interchangeably, inventory management and inventory control deal with different aspects of inventory. Inventory management is a broader term pertaining to the regulation of all inventory aspects, from what is already present in the warehouse to how the inventory arrived and where the product's final destination will be. [2]
[2] [3] A more narrow definition of supply chain management is the "design, planning, execution, control, and monitoring of supply chain activities with the objective of creating net value, building a competitive infrastructure, leveraging worldwide logistics, synchronising supply with demand and measuring performance globally".
Inventory optimization refers to the techniques used by businesses to improve their oversight, control and management of inventory size and location across their extended supply network. [1] It has been observed within operations research that "every company has the challenge of matching its supply volume to customer demand.
In 1957, 20 production control managers from various industries formed the American Production and Inventory Control Society. [5] The organization later became an international association known as APICS. The organization offers certification programs, training tools, and networking opportunities for the purpose of increasing workplace ...
A controlled WMS can exchange data with other systems, in order to take into account information from outside the warehouse (e.g.: manufacturing needs, customer orders, transportation) when planning activities, and vice versa. It may control or obtain feedback from automation or IoT devices, in facilities that have them
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