// ROBOTICS AND SMART FACTORIES TERM
Inventory Management
Inventory management is the process of overseeing and controlling the ordering, storage, and use of components and products. It aims to balance the costs of holding inventory with the need to meet customer demand.
TECHNICAL DEFINITION
Inventory management involves optimizing the quantity, location, and movement of raw materials, work-in-progress, and finished goods across the supply chain, utilizing techniques like JIT, EOQ, and ABC analysis to minimize carrying costs and stockouts.
BACKGROUND
Lean manufacturing is a management system built on three principles: produce only what is needed, when it is needed; correct abnormalities as soon as they occur; and empower workers to improve the process themselves.
READ MORE ON WIKIPEDIASYNONYMS & ALIASES
- Stock control
- stock management
- materials management
- inventory optimization
USAGE NOTE
Poor inventory management can lead to either excessive holding costs or lost sales due to stockouts.
DEVELOPERS
Organizations developing technology related to Inventory Management.
A global leader in enterprise software, SAP provides comprehensive ERP and Supply Chain Management (SCM) solutions that include advanced inventory management, planning, and optimization modules crucial for manufacturing operations in the Industry 5.0 era.
Oracle offers extensive enterprise software, including Supply Chain Management (SCM) and ERP systems with robust inventory management functionalities, often leveraging AI, IoT, and cloud technologies for enhanced efficiency and real-time visibility in manufacturing.
Zebra Technologies specializes in intelligent edge solutions such as RFID, barcode scanning, mobile computing, and software, enabling real-time inventory visibility, asset tracking, and data capture across manufacturing floors and warehouses.
A prominent provider of supply chain and omnichannel commerce solutions, Manhattan Associates focuses on Warehouse Management Systems (WMS) that include advanced inventory optimization, slotting, and labor management critical for efficient manufacturing and distribution.
Blue Yonder offers AI-powered supply chain planning and execution solutions, including inventory optimization, demand forecasting, and warehouse management, which are crucial for creating resilient and agile inventory strategies in advanced manufacturing.
Honeywell Intelligrated provides automation solutions for warehouses and distribution centers, including robotics, conveyors, and software that optimizes inventory flow, storage, and order fulfillment, directly impacting manufacturing supply chains.
Siemens provides industrial software that supports the digital transformation of manufacturing, including tools within their MES (Manufacturing Execution System) and PLM (Product Lifecycle Management) offerings that aid in material flow, production planning, and inventory visibility.
Rockwell Automation offers industrial automation and information solutions, including Manufacturing Operations Management (MOM) software that integrates inventory data for optimized production, resource allocation, and real-time operational insights within smart factories.