Sunday, September 8, 2013
ECRS the answer to inventory problems?
This week’s topic of planning and managing inventories in supply chain seems to be a major issue for companies in the constantly evolving market. Due to the volatility of the market companies have to make sure they can meet the demands of the consumer while balancing their inventory to prevent any unnecessary costs. The uncertainty in the market is forcing companies to use sophisticated statistical modeling and extremely accurate forecasting but a few companies are starting to see that implementing advanced technology may not be the only method to combat inventory problems. As a result a lot of companies are revamping their supply chain structures to meet the constantly changing market needs.
Although the majority of the articles for this week’s reading were against relying solely on technology; I found a very interesting advertisement for a firm that promises to use technology along with a company’s current system to correct their inventory problem. I wonder if programs like ECRS will help solve the current inventory problem companies are facing?