Effective Inventory Management for Supply Chain Optimisation, Cost Reduction, and Efficiency Improvement: Systematic Review
Date
2023
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
Saudi Digital Library
Abstract
This systematic review diligently explores and synthesises extant literature on inventory management practices through focusing on their optimisation, technological integration, sustainability considerations and identifying existing operational gaps. This research extracted studies through relying on datasets of Google Scholar, Scopus, and Web of Science. The selected 30 studies utilised a range of methodologies from theoretical modelling and empirical research to hybrid approaches to address inventory optimisation and effective supply chain management complexities. A consistent theme identified across the literature was the imperative need for advanced technology and data-driven approaches integration into conventional inventory management systems. These approaches were revealed to be important in enhancing supply chain resilience, sustainability and efficiency across varied sectors. However, discrepancies between theoretical knowledge and practical applications were observed which indicate a significant gap that demands bridging.
Description
The necessity for adaptive supply chain practices emerged as a crucial theme mainly amidst unforeseen challenges like global pandemics. This means increasing the need on emphasising the role of agile inventory management in such disruptive events. The systematic review also illuminated the growing emphasis on sustainability and green supply chain practices which underscores the contemporary shift towards environmentally conscious inventory management. However, the practical applicability of these sustainable models amidst cost-effectiveness considerations remains a contentious issue. The analysis further revealed a compelling need for continuous innovation, balancing theory and practice and conscientious technological integration in inventory management.Findings are invaluable for organisations striving to refine their inventory management practices for improved supply chain optimisation, cost reduction and enhanced operational efficiency. The study concludes by offering a set of recommendations directly linked to the identified themes and gaps in the existing literature.
Keywords
inventory managment, supply chain managment, supply managment, Supply Chain Optimisation, logistics
Citation
Alarifi, A. N. (2023). Effective Inventory Management for Supply Chain Optimisation, Cost Reduction, and Efficiency Improvement: Systematic Review [Master's thesis].