scholarly journals Inventory management and demand forecasting Improvement of a forecasting model based on artificial neural networks

2021 ◽  
Vol 4 (2) ◽  
Author(s):  
Sory Ibrahima Cisse
Keyword(s):  
Neural Networks ◽  
Transfer Function ◽  
Supply Chains ◽  
Inventory Management ◽  
Industrial Revolution ◽  
Predictive Analytics ◽  
Demand Forecasting ◽  
Correct Choice ◽  
Insurance Costs ◽  
The Right

Forecasting is predicting or estimating a future event or trend. Supply chains have been constantly growing in most countries ever since the industrial revolution of the 18th century.As the competitiveness between supply chains intensifies day by day, companies are shifting their focus to predictive analytics techniques to minimize costs and boost productivity and profits. Excessive inventory (overstock) and stock outs are very significant issues for suppliers. Excessive inventory levels can lead to loss of revenue because the company's capital is tied up in excess inventory. Excess inventory can also lead to increased storage, insurance costs and labor as well as lower and degraded quality based on the nature of the product. Shortages or out of stock can lead to lost sales and a decline in customer contentment and loyalty to the store. If clients are unable to find the right products on the shelves, they may switch to another vendor or purchase alternative items.    Demand forecasting is valuable for planning, scheduling and improving the coordination of all supply chain activities. This paper discusses the use of neural networks for seasonal time series forecasting. Our objective is to evaluate the contribution of the correct choice of the transfer function by proposing a new form of the transfer function to improve the quality of the forecast.

scholarly journals ABC Analysis For Inventory Management: Bridging The Gap Between Research And Classroom

2016 ◽  
Vol 9 (1) ◽  
pp. 39-48 ◽  
Author(s):  
Handanhal V. Ravinder ◽  
Ram B. Misra
Keyword(s):  
Supply Chain ◽  
Supply Chains ◽  
Inventory Management ◽  
Operations Management ◽  
Large Body ◽  
Multiple Criteria ◽  
Pareto Principle ◽  
Abc Analysis ◽  
Sole Criterion ◽  
The Right

ABC analysis is a well-established categorization technique based on the Pareto Principle for determining which items should get priority in the management of a company’s inventory.  In discussing this topic, today’s operations management and supply chain textbooks focus on dollar volume as the sole criterion for performing the categorization.  The authors argue that today’s businesses and supply chains operate in a world where the ability to deliver the right products rapidly to very specific markets is key to survival.  With suppliers, intermediaries, and customers all over the globe, and product lives decreasing rapidly, this focus on a single criterion is misplaced.  The large body of research was summarized based on multiple criteria ABC analysis that has accumulated since the 1980s and recommend that textbooks incorporate their key findings and methods into their discussions of this topic.  Suggestions are offered on how this discussion might be structured. 

scholarly journals Spare Parts Inventory Management: A Literature Review

2021 ◽  
Vol 13 (5) ◽  
pp. 2460
Author(s):  
Shuai Zhang ◽  
Kai Huang ◽  
Yufei Yuan
Keyword(s):  
Literature Review ◽  
Inventory Management ◽  
Durable Goods ◽  
Predictive Analytics ◽  
Big Data Analytics ◽  
Chain Structure ◽  
Spare Parts ◽  
Inventory Systems ◽  
Spare Parts Inventory ◽  
The Right

Spare parts are held as inventory to support product maintenance in order to reduce downtime and extend the lifetime of products. Recently, spare parts inventory management has been attracting more attention due to the “right-to-repair” movement which requires that manufacturers provide sufficient spare parts throughout the life-cyle of their products to reduce waste so as to achieve sustainability. In this review, 148 papers regarding spare parts inventory management published from 2010 to 2020 are examined. The studies are classified based on two groups of perspectives. The first group includes the characteristics of spare parts, products, inventory systems, and supply chains, while the second group focuses on the characteristics of research methodologies and topics in the reviewed studies. The novelty of this literature review is three-fold. Firstly, we focus on analyzing the supply chain structure of different inventory networks for managing spare parts. Secondly, we classify the current literature based on analytics techniques, i.e., descriptive analytics, predictive analytics, and prescriptive analytics. Finally, the research gaps in this field are discussed from the perspective of reverse logistics, consumer durable goods, inventory network structure and policy, spare parts demand pattern modeling, and big data analytics.

scholarly journals Big Data and Predictive Analytics Capabilities: A Review of Literature on Its Impact on Firm’s Financial Performance

2019 ◽  
Author(s):  
Lee Khai Loon ◽  
Lim Cean Peing
Keyword(s):  
Big Data ◽  
Financial Performance ◽  
Manufacturing Industry ◽  
Industrial Revolution ◽  
Predictive Analytics ◽  
The Body ◽  
Management Skills ◽  
Body Of Knowledge ◽  
The Right ◽  
The Impact

In the era of the fourth industrial revolution, big data and predictive analytics (BDPA) capabilities considered as one of the significant resources that enable a firm to gain competitiveness. Nowadays, the advancement of technology information increases the difficulty of the firm to manage vast amounts of structured and unstructured data. The excessive growth between data captured and the firm’s capabilities to manage, process, analyze, and transfer the big data to actionable knowledge and value still challenges many firms in the competitive market. Besides, the lack of tangible resources, technical skills, management skills, organizational learning, and data-driven culture are some of the challenges for firms to apply analytics approach to support the data processing process. These situations led to poor decision making by the firm and result in high operation cost and lower profitability. However, the situation will be different if the firm able to manage BDPA capabilities in the right way. Based on the identified problems, this study aims to review the impact of BDPA capabilities on a firm’s financial performance. This study is expected to enhance the body of knowledge on BDPA capabilities and the firm’s financial performance. This study also provides information regarding the importance of BDPA capabilities on the firm’s financial performance to industrial practitioners. An empirical study on this subject matter is suggested for future researchers, especially in Malaysia manufacturing industry.

scholarly journals AGILE MANUFACTURING THROUGH INVENTORY MANAGEMENT

2021 ◽  
Vol 5 (2) ◽  
Author(s):  
Rudy Santosa Sudirga ◽  
Filscha Nurprihatin ◽  
Glisina Dwinoor Rembulan ◽  
Yustinus Yuniarto
Keyword(s):  
Supply Chains ◽  
Inventory Management ◽  
Enterprise Resource Planning ◽  
Small Businesses ◽  
Systematic Approach ◽  
Raw Materials ◽  
Resource Planning ◽  
Agile Manufacturing ◽  
Manufacturing Processes ◽  
The Right

<p class="comp"><em>Inventory management is a systematic approach to sourcing, storing, and selling inventory both raw materials (components) and finished goods (products). In business terms, inventory management means the right stock, at the right levels, in the right place, at the right time, and at the right cost as well as price. Inventory management </em><em>refers to the process of ordering, storing and using a company's inventory. This includes the management of raw materials, components and finished products, as well as warehousing and processing such items. For companies with complex supply chains and manufacturing processes, balancing the risks of inventory gluts and shortages is especially difficult. At the same time, inventory can be thought of as a liability (if not in an accounting sense). A large inventory carries the risk of spoilage, theft, damage or shifts in demand. Inventory must be insured, and if it is not sold in time it may have to be disposed of at clearance prices or simply destroyed. For these reasons, inventory management is important for businesses of any size. Knowing when to restock inventory, what amounts to purchase or produce, what price to pay as well as <a href="https://www.investopedia.com/articles/stocks/10/when-to-sell-stocks.asp">when to sell</a> and at what pric can easily become complex decisions. Small businesses will often keep track of stock manually and determine the reorder points and quantities using Excel formulas. Larger businesses will use specialized <a href="https://www.investopedia.com/terms/e/erp.asp">enterprise resource planning (ERP)</a> software.</em></p>

THE ROLE OF THE CIVIL SERVICE IN THE INDUSTRIALIZATION OF NIGERIA

2018 ◽  
Vol 1 (2) ◽  
Author(s):  
Chiemeka Onyema
Keyword(s):  
Public Service ◽  
Industrial Development ◽  
Industrial Revolution ◽  
National Development ◽  
Public Servants ◽  
Business Policy ◽  
Technological Base ◽  
Development Plans ◽  
Ease Of Doing Business ◽  
The Right

The goal of berthing Nigeria’s full-scale industrial revolution is yet to be achieved. All the industrial development plans have so far failed to accelerate the nation’s industrialization, hence the country’s low industrial base which has kept her in the league of developing nations. In fact, Nigeria has in recent times been experiencing deindustrialization, as several industries have collapsed and some others, such as Unilever and Michelin, have relocated to other countries. Several factors are responsible for Nigeria’s low industrial development and they include: inadequate infrastructure (particularly, energy), poor technological base, multiple taxes and levies, and, the shortage and high cost of foreign exchange. Despite a growing body of literature on industrialization in Nigeria, not much has been written about the link between Public Service Reforms and industrialization in Nigeria. This paper examines the links between the implementation of the Service Compact (SERVICOM) Charter and the achievement of Nigeria’s industrial development policies, especially the ‘Ease of Doing Business’ Policy. The paper makes the case that the goal of industrializing Nigeria will not be fully realised without an efficient Public Service. Furthermore, the paper highlights the need for Nigerian public servants to have the right work attitude, and to be morally upright and patriotic, in order to create a business-friendly environment and to build investor confidence, so as to facilitate and accelerate the country’s industrialization and overall national development. The author recommends that the Nigerian government should strengthen the implementation of the Servicom Charter and also incorporate the Charter into the industrialization plan.

scholarly journals The Impact of Big Data on Electronic Commerce in Profit Organisations in Saudi Arabia

2019 ◽  
Vol 10 (4) ◽  
pp. 106
Author(s):  
Bader A. Alyoubi
Keyword(s):  
Saudi Arabia ◽  
Big Data ◽  
Inventory Management ◽  
New Technologies ◽  
Predictive Analytics ◽  
Business Environment ◽  
Primary Data ◽  
Research Approach ◽  
Multiple Sources ◽  
The Impact

Big Data is gaining rapid popularity in e-commerce sector across the globe. There is a general consensus among experts that Saudi organisations are late in adopting new technologies. It is generally believed that the lack of research in latest technologies that are specific to Saudi Arabia that is culturally, socially, and economically different from the West, is one of the key factors for the delay in technology adoption in Saudi Arabia. Hence, to fill this gap to a certain extent and create awareness about Big Data technology, the primary goal of this research was to identify the impact of Big Data on e-commerce organisations in Saudi Arabia. Internet has changed the business environment of Saudi Arabia too. E-commerce is set for achieving new heights due to latest technological advancements. A qualitative research approach was used by conducting interviews with highly experienced professional to gather primary data. Using multiple sources of evidence, this research found out that traditional databases are not capable of handling massive data. Big Data is a promising technology that can be adopted by e-commerce companies in Saudi Arabia. Big Data’s predictive analytics will certainly help e-commerce companies to gain better insight of the consumer behaviour and thus offer customised products and services. The key finding of this research is that Big Data has a significant impact in e-commerce organisations in Saudi Arabia on various verticals like customer retention, inventory management, product customisation, and fraud detection.

scholarly journals 115 The Beef Industry in a Post-Pandemic World

2021 ◽  
Vol 99 (Supplement_1) ◽  
pp. 40-40
Author(s):  
Derrell S Peel
Keyword(s):  
Supply Chains ◽  
Inventory Management ◽  
Service Sector ◽  
Food Service ◽  
Consumer Products ◽  
Labor Management ◽  
Beef Industry ◽  
Design Changes ◽  
The Face ◽  
Retail Grocery

Abstract The onset of the COVID-19 pandemic in 2020 caused unprecedented shocks and disruptions in the cattle and beef industry. The shutdown of food service in March 2020 caused an unparalleled stacking of food demand on the retail grocery sector. The rigidity and specialized nature of food service and retail grocery supply chains, compounded by a surge in consumer demand at retail grocery, resulted in temporary shortages of meat in other consumer products in supermarkets. The food service sector recovered somewhat over many weeks but remained diminished through the balance of 2020 and beyond. In April 2020, COVID-19 infections affected the labor forces of many meat packing and processing facilities and resulted in significant reductions in beef packing and further processing for eight to twelve weeks. This caused additional product shortages in retail grocery and food service sectors. These impacts have raised many questions about how the beef industry might adapt to be more resilient in the face of such profound disruptions. Possible changes include more use of multi-purpose facilities (less specialized for food service or retail grocery supply chains); design changes in new plants and retrofitting existing facilities to reduce human health impacts; changes in labor management; changes in inventory management; and changes in business supply chain management and risk assessment practices.

scholarly journals Effective Demand Forecasting in Health Supply Chains: Emerging Trend, Enablers, and Blockers

Logistics ◽  
2021 ◽  
Vol 5 (1) ◽  
pp. 12
Author(s):  
Lakshmy Subramanian
Keyword(s):  
Supply Chains ◽  
Demand Forecasting ◽  
Weak Links ◽  
Key Factors ◽  
Scarce Resources ◽  
Weakest Link ◽  
Emerging Trends ◽  
A Chain ◽  
Health Commodities ◽  
The Impact

Health supply chains aim to improve access to healthcare, and this can be attained only when health commodities appropriate to the health needs of the global population are developed, manufactured, and made available when and where needed. The weak links in the health supply chains are hindering the access of essential healthcare resulting in inefficient use of scarce resources and loss of lives. A chain is only as strong as its weakest link, and demand forecasting is one of the weakest links of health supply chains. Also, many of the existing bottlenecks in supply chains and health systems impede the accurate forecasting of demand, and without the ability to forecast demand with certainty, the stakeholders cannot plan and make commitments for the future. Forecasts are an important feeder for budgeting and logistics planning. Under this backdrop, the study examines how improved forecasting can lead to better short-term and long-term access to health commodities and outlines market-related risks. It explores further how incentives are misaligned creating an uneven distribution of risks, leading to the inability to match demand and supply. For this purpose, a systematic literature review was performed, analyzing 71 articles from a descriptive and content approach. Findings indicate the emerging trends in global health and the consequences of inaccurate demand forecasting for health supply chains. The content analysis identifies key factors that can pose a varying degree of risks for the health supply chain stakeholders. The study highlights how the key factors emerge as enablers and blockers, depending on the impact on the overall health supply chains. The study also provides recommendations for actions for reducing these risks. Consequently, limitations of this work are presented, and opportunities are identified for future lines of research. Finally, the conclusion confirms that by adopting a combination of approaches, stakeholders can ensure better information sharing, identify avenues of diversifying risks, and understand the implications.

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