Inventory Management Optimization: Balancing Cost and Service Levels

Inventory Management Optimization: Balancing Cost and Service Levels

Nilesh Singh, Mr. Bajrang Yadav
MBA(Opration). NIMS University. Jaipur, India Assistant Professor, NIMS University. Jaipur. India

1.nileshsinghraj369@gmail.com 2. bajrang.lal@nimsuniversity.org

ABSTRACT: Efficient management of inventory plays a role, in the success of businesses across sectors. Finding the equilibrium between keeping inventory costs low and meeting customer needs is a challenge that requires constant exploration and creativity. This study delves into the complexities of optimizing inventory management focusing on strategies that effectively handle the trade offs between minimizing expenses and fulfilling customer expectations. By delving into an analysis of existing literature this study consolidates approaches, models and best practices implemented by companies to enhance the efficiency of inventory management. It thoroughly examines aspects such as improving demand prediction accuracy reducing lead times optimizing safety stock levels and integrating supply chains. Additionally it explores how advanced technologies like intelligence data analytics and automation are transforming inventory management processes.Moreover this research delves into how industry landscapes, market dynamics and business goals influence inventory management tactics. Through real world examples and empirical data analysis it offers insights, on how organizations can tailor their strategies to meet needs while balancing the objectives of cost control and service level improvement. In the end this study adds to what we know about improving inventory management by providing advice and tips for companies to gain lasting edges in todays ever changing market.

KEYWORDS: Research Paper, Blockchain, Management, Risk Evaluation, Empirical Analysis