Decision Support Systems for Inventory

This course covers the vital subject of decision support systems (DSS) for inventory. Firstly, natural ambiguities in demands and supply make it challenging for supply chains to realise maximum inventory replenishment. This difficulty ultimately results in loss of sales or unprofitable surpluses. An unsophisticated inventory can take up to one-third of an organisation's yearly investment. It is therefore challenging to acquire an intelligent system to support and regulate an optimum inventory level and as you contend with perpetually shifting markets. You will learn how DSS aids in reducing overstocking and also assists in preparing for high demands by having buffer stock available. A company's inventory is used to forecast goals so there needs to be an accurate count not to fall short when demand increases. The DSS used in inventory management can determine what is possible at the present moment. It would also detail the number of goods in the buffer stock, allowing more accountability and efficiency.

The course then describes the types of inventories available, the types of systems used, the parameters that play the key determinant in material availability and why materials managers set policies to help determine the safety stock level. You will learn that effective inventory management is increasingly important as both the swift launch of new products and a wide variety of products are a source of competitive advantage. Customers will stick with a dependable company. If you do not manage the inventory appropriately, you will lack the goods that customers are demanding or may possess a surplus of goods that are not in demand. A company's inventory readiness will make the difference between profit or loss, a larger market share or a declining market share. On what side would you like your business to be?

Finally, Inventory management is not restricted to manufacturing companies. Inventory management includes retailers as well. This course is suited for individuals who are in management, considering getting into management, have a retail or manufacturing company and would like to improve their market performance significantly. DSS are a part of our daily lives. The world is changing fast and those who refuse to move with the times will be left behind. While many people are not technologically savvy, the good thing about DSS is that they are designed with you in mind. They tackle any problems that may arise and, unlike the human brain, they can store a vast amount of data and come quickly up with a solution to almost any issue. If you are interested in how DSS systems for inventory management work, this course is for you! Why wait? Enrol today!