Camcode, a worldwide manufacturer of bar code labels, recently reached out to Amjad to be part of their panel of Inventory Management Experts and asked him to pitch in on advice for warehouses looking to save money. It may not come as a surprise that Amjad points to data analytics as a powerful factor in optimizing inventory to save money:
“Prescriptive Analytics is the most powerful tool in optimizing inventory…”
The explosion in the availability and accessibility of data is creating new opportunities for better decision making in applications of inventory control. Prescriptive analytics starts by predicting consumer demand and then using Machine Learning to recommend the optimal inventory levels to make the most profitable use of warehouse space. Demand is the key uncertainty affecting inventory decisions, which presents a huge opportunity to leverage transactional data combined with large-scale, publicly available data such as web search queries, reviews, and social media chatter to optimize inventory and improve warehouse profitability.
Head on over to the Camcode blog to see 26 other tips on Inventory Control Methods for Saving Warehouses Money:
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