Check out the latest news on inventory optimisation and other Operations Research insights
Inventory optimisation for service part 2
Following last month’s post, I’ll discuss the merits of selecting the best planning policies and review the concept and value of economic metrics. Clearly, all inventory systems contain many uncertainties, and these require a probability distribution of demand for items that can be replenished at either a certain level or point in time. Actually, it […]
Inventory optimisation for service
Traditionally, it was believed that a high level of stock guaranteed a successful service performance for a company. Nowadays, we have seen consumer demand influenced by many factors (environmental conditions, economic, social, etc.), consequently making supply chains more dynamic than ever. Furthermore, supply chain practitioners are now acutely aware that either over or under-stocking is […]
Dr. Tony McVeigh speaks on Optimal Warehouse Design
Dr. Tony McVeigh, Principal, Operations, spoke at the National Manufacturing and Supply Chain Event in Dublin last week, on ‘A Lean Approach to Optimal Warehouse Design’. Tony’s presentation included topics such as warehouse optimisation, order picking routes, work allocation and product mix.
Seasonal demand – understanding the demand in your supply chain
Seasonality and Inventory Management Demand seasonality is generally associated with a boost in sales that occur at specific times of the year, e.g. Black Friday and Back-to-School (BTS). These cyclic patterns play an important role in supply chain management, and can make it challenging for businesses to accurately plan inventory levels. The degree of seasonality […]
Inventory optimisation – how much inventory should I hold?
Inventory optimisation – how much inventory should I hold? Inventory provides a necessary buffer in the supply chain to meet the expected demand for product, during the expected lead time to replenish. This is true at a raw material, component, and finished goods levels. The inventory held has a critical impact on customer service, warehouse […]