Inventory Management Essentials Handbook

This book provides an in-depth understanding of inventory management by considering the various developments during industrial revolutions. As the current industrial revolution strives to reach industrial 5.0, there have been many approaches to improving inventory management. With the world's advancement in technology, which is gradually leading to the introduction of artificial intelligent (AI) all phase of life, requires that inventory manager understands the broad concept of the industrial revolution and their implication on inventory management: This requires a broad understanding of the Internet of Things (IoT), bitcoin, the concept of blockchain, and their impact on future management. In managing inventory, the understanding of quality is fundamental as this helps personnel within the circles of inventory management to appreciate the need to apply simple quality management principles such as Kaizen, Six Sigma, and Total Quality Management. The book simplifies these approaches by combining these approaches to make them easy to apply in the real world on inventory management, and for that matter, supply chain. The bullwhip phenomenon and its impact on inventory, resulting in poor supply chain performance, is well explained, emphasizing on how to resolve this effect. The focus of this book is to improve the planning capabilities of supply chain managers in inventory management, in order to improve their ability to deal with supply chain risk.