THEORETICAL PRINCIPLES OF MANAGEMENT OF ENTERPRISE INVENTORIES

Inventory management is a key aspect of an enterprise’s effective operations, affecting its financial performance, customer service level, and competitiveness. Optimizing inventory levels helps ensure business continuity, minimize storage costs, and avoid risks associated with delivery delays or excess inventory. The article discusses the main aspects of inventory management, including demand forecasting, determining the economic order size, establishing a safe stock level, and using modern automation technologies. Particular attention is paid to the problems that arise during inventory management, such as demand fluctuations, supply instability, and high storage costs. Tools based on enterprise resource planning (ERP) and warehouse management systems (WMS) are proposed to solve them. These technologies provide timely inventory monitoring, order process automation, and supply chain optimization. The article also emphasizes the role of cooperation with suppliers and the creation of long-term partnerships to reduce risks associated with supply disruptions. Key indicators of inventory management effectiveness are considered, including inventory turnover, storage costs, and customer satisfaction. Thus, the article covers both traditional and innovative approaches to inventory management aimed at ensuring the long-term success of enterprises in a dynamic market environment. One of the promising areas of improvement of the inventory management system is the auto-order system, which is based on artificial intelligence and machine learning technology for demand forecasting and procurement optimization. The use of such technologies will reduce the level of uncertainty during inventory management and ensure the accuracy of forecasts, which will increase the efficiency of logistics processes. Inventory management automation can help reduce costs and improve overall enterprise productivity.

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Publication Details

Journal
Bulletin of the National Technical University Kharkiv Polytechnic Institute (economic sciences)
Published
2024-12-17
DOI
https://doi.org/10.20998/2519-4461.2024.6.64
Primary Topic
Technology Assessment and Management
Type
article
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article

THEORETICAL PRINCIPLES OF MANAGEMENT OF ENTERPRISE INVENTORIES

Iryna Uhrimova, Ksenia Sergeychuk
Bulletin of the National Technical University Kharkiv Polytechnic Institute (economic sciences)
Technology Assessment and Management
article

THEORETICAL PRINCIPLES OF MANAGEMENT OF ENTERPRISE INVENTORIES

Iryna Uhrimova, Ksenia Sergeychuk
article en

Abstract

Inventory management is a key aspect of an enterprise’s effective operations, affecting its financial performance, customer service level, and competitiveness. Optimizing inventory levels helps ensure business continuity, minimize storage costs, and avoid risks associated with delivery delays or excess inventory. The article discusses the main aspects of inventory management, including demand forecasting, determining the economic order size, establishing a safe stock level, and using modern automation technologies. Particular attention is paid to the problems that arise during inventory management, such as demand fluctuations, supply instability, and high storage costs. Tools based on enterprise resource planning (ERP) and warehouse management systems (WMS) are proposed to solve them. These technologies provide timely inventory monitoring, order process automation, and supply chain optimization. The article also emphasizes the role of cooperation with suppliers and the creation of long-term partnerships to reduce risks associated with supply disruptions. Key indicators of inventory management effectiveness are considered, including inventory turnover, storage costs, and customer satisfaction. Thus, the article covers both traditional and innovative approaches to inventory management aimed at ensuring the long-term success of enterprises in a dynamic market environment. One of the promising areas of improvement of the inventory management system is the auto-order system, which is based on artificial intelligence and machine learning technology for demand forecasting and procurement optimization. The use of such technologies will reduce the level of uncertainty during inventory management and ensure the accuracy of forecasts, which will increase the efficiency of logistics processes. Inventory management automation can help reduce costs and improve overall enterprise productivity.

Bulletin of the National Technical University Kharkiv Polytechnic Institute (economic sciences)(6)
Max Planck Society (DE), Physical Sciences (United States) (US)
Openalex Percentile: Top 66%
Technology Assessment and Management
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THEORETICAL PRINCIPLES OF MANAGEMENT OF ENTERPRISE INVENTORIES — Iryna Uhrimova, Ksenia Sergeychuk · Bulletin of the National Technical University Kharkiv Polytechnic Institute (economic sciences) (2024) | TGRS Research Map | TGRS