Effective Inventory Management for Supply Chain Optimisation, Cost Reduction, and Efficiency Improvement: Systematic Review

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.