Artificial Intelligence (AI) is a rapidly advancing technology that is changing the world in profound ways. It has the potential to revolutionize industries, improve efficiency, and enhance our quality of
Advantages of EOQ What is EOQ? Economic order quantity is the optimal quantity of units a company should purchase while trying to keep the cost of inventory low. These costs
We stand on the brink of a technological revolution that will fundamentally alter the way we live, work, and relate to one another. In its scale, scope, and complexity, the
How did you like that steak you had at the restaurant last weekend?Did your toddler get that measles vaccine?Do you love to wake up to the smell of fresh roses
Together, five key principles work together to help companies meet the main goal of lean inventory management: increased efficiency. The basis of these principles comes from a 1996 book by
Lean inventory management is all about refining how a company handles its supply chain and manufacturing processes, and it’s not just for companies looking to conserve capital or navigate uncertain
There are many tools that are used for the effective supply chain management. These are primarily categorized as: 1. Enterprise Resource Planning Materials requirement planning, which was earlier used to
Business processes have been digitalized in the past couple of decades, and it has become a necessity rather than an option. Why not? IT integrates various operations carried out by
Apart from the above-mentioned basic roles, there are three functional roles of IT in supply chain management. These are: 1. Transaction execution When information flows efficiently between the participants of
IT is leaving a mark everywhere. Nothing remains untouched. No wonder every aspect of a business is now under its command! The role of IT in Supply Chain Management is