 Streamlining SCM: Integrating Demand Forecasting and Inventory OptimizationRuoyu Hao ()
A chapter in Proceedings of the 2024 2nd International Conference on Management Innovation and Economy Development (MIED 2024), 2024, pp 550-558 from Springer Abstract: Abstract This paper delves deep into the intricate dynamics of Supply Chain Management (SCM), placing a specific focus on the seamless integration of demand forecasting and inventory optimization. In today’s fast-paced and highly competitive business landscape, SCM has emerged as a critical component in achieving operational excellence and ensuring customer satisfaction. This study seeks to dissect the multifaceted challenges and opportunities within SCM and underscores the pivotal role that accurate demand forecasting and efficient inventory management play in enhancing the overall efficiency and responsiveness of supply chains. One of the core challenges faced by organizations in the realm of SCM is striking the right balance between supply and demand. This paper explores how advanced forecasting techniques, data analytics, and artificial intelligence can be harnessed to predict demand patterns more accurately, enabling companies to align their inventory levels accordingly. By reducing the risk of stockouts and overstock situations, businesses can optimize their inventory carrying costs and improve their bottom line. Furthermore, the paper employs a variety of analytical models and presents real-world case studies to illustrate the practical application of these concepts. These case studies span different industries and supply chain configurations, showcasing the adaptability of the proposed solutions. The findings reveal that organizations that successfully integrate demand forecasting and inventory optimization strategies can not only achieve cost savings but also enhance their ability to respond to market fluctuations and disruptions swiftly. In a world where supply chains are increasingly vulnerable to disruptions, the insights provided in this paper offer a roadmap for creating more resilient and adaptable supply chains. By leveraging the power of technology and data-driven decision-making, companies can transform their SCM practices and stay competitive in an ever-evolving business environment. This study contributes to the ongoing dialogue on SCM optimization and provides practical guidance for organizations striving to excel in their supply chain operations. Keywords: Supply Chain Management; Demand Forecasting; Inventory Optimization; SCM Efficiency; Predictive Analytics (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6463-542-3_63 Ordering information: This item can be ordered from DOI: 10.2991/978-94-6463-542-3_63 Access Statistics for this chapter More chapters in Advances in Economics, Business and Management Research from Springer |
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