Innovative Approach to Inventory Management and Warehousing: A Review and Case Study

Abstract

Inventory management is a part of the enterprise procurement strategy, which is based on the relationship between the entity as a consumer of material inputs and their suppliers. The article contains a general definition of analysis and synthesis as scientific methods used in the field of inventory management. The aim of the main part of the paper is to justify the need of inventory management and the current analysis of existing models such as inventory management tools to optimize them. ABC analysis, XYZ analysis, Decision Cube and Economic Order Quantity are included in the article. The analysis deals mainly with the criteria on which they are optimized and inventory advantages and disadvantages of each method. The article outlined the proposal of innovative inventory management model usable in practice which is a synthesis of the existing used models. Inventory management is increasingly important and research shows potential for further improvement.