Inventory is expensive. Consequently, companies are looking for ways to reduce inventory yet maintain high levels of customer service. In a short paper, evaluate strategies and approaches companies could use to possibly reduce inventory levels while maintaining competitive customer service levels. In the paper, be sure to include:
- Discuss how improvements in forecasting demand affect inventory decisions.
- Discuss how reductions in lead time can provide opportunities to reduce inventory without compromising customer service levels.
- Discuss how the use of technology could help to better control and manage inventory.
- Discuss how strategies such as vendor-managed inventory can be used to better control inventory costs.