I don’t know how to handle this Business question and need guidance.
While John Smith considers your recommendations of his company’s service-level issues, explain the concept of inventory management as it relates to service operations management. Create an e-mail to him in reference to this topic.
Include the following in your answer:
- The role of inventory
- Inventory Strategies (including Vendor Managed, Consignment and Just-in-Time)
- Lead times and Service levels
- Economic and cost considerations
- Specifically address inventory management as it relates to service and Smith’s company
- What are some of the biggest challenges around inventory management, including supplier management (including hardware, software, and other technology solutions).