Warehouse Optimization using Queuing Theory and Supply Chain Management

Warehouse Optimization using Queuing Theory and Supply Chain Management

Soham Parekh¹, Suhani Singh², Swasti Agrawal³,

Urvi Maru⁴, Utkarsh Mishra⁵, Vansh Poddar⁶

¹(SYB.B.A Student, ASMSOC NMIMS University, Mumbai, India)

²(SYB.B.A Student, ASMSOC NMIMS University, Mumbai, India)

³(SYB.B.A Student, ASMSOC NMIMS University, Mumbai, India)

⁴(SYB.B.A Student, ASMSOC NMIMS University, Mumbai, India)

⁵(SYB.B.A Student, ASMSOC NMIMS University, Mumbai, India)

⁶(SYB.B.A Student, ASMSOC NMIMS University, Mumbai, India)

Abstract:

As businesses see the value of developing an integrated relation with their suppliers and customers, supply chain management has become a significant problem in many sectors. Supply chain management which includes Warehousing and Logistics has evolved into a strategy for boosting competitiveness by lowering uncertainty and increasing customer service. While logistics handles the practical aspects of storing and delivering the items kept in a warehouse, warehousing focuses on the secure storage of commodities inside a structure. Over time, majority of businesses have concentrated their emphasis on the effectiveness and efficiency of these business processes. However, an increasing number of companies are starting to see the strategic significance of planning, managing, and creating a supply chain as a new way to conduct business. This paper summarises previous efforts on supply chain modelling and identifies key challenges and opportunities related to supply chain modelling. This is to assist firms in capturing the cohesiveness of inter-functional and inter-organizational integration and coordination across the supply chain network and to subsequently make better supply chain decisions. The service process, arrival process, number of system locations, number of servers and the number of customers, who may be people, data packets, automobiles, are some of the variables that we have taken into consideration while writing this research paper.

Keywords:

Cost Reduction, Customer Satisfaction, Inventory Management, Queueing Theory, Stochastic Supply Chain Network, Supply Chain Optimization, Warehouse and Logistics