Demystifying Inventory Planning: Strategies, Benefits, and Key Performance Indicators
Inventory planning is a critical aspect of managing a business’s supply chain, ensuring that adequate stock levels are maintained to meet customer demand without incurring excessive holding costs or stockouts. In this article, we will discuss the concept of inventory planning, its advantages, the role of an inventory planner, how to develop an inventory plan, various replenishment models and strategies, and key performance indicators (KPIs) to monitor the success of your inventory planning efforts. What Is Inventory Planning and How Do You Implement It? Inventory planning is the process of determining the optimal quantity and timing of inventory to meet