Challenges in Inventory Management and a Proposed Framework

Abstract

In today’s economy, efficient inventory management is vital for all companies. Business environment, which is considered as volatile, uncertain, complex, and ambiguous (VUCA), big savings can be achieved with efficient inventory management. Effective implementation and management of inventory management system is vital for a company’s success. The success of such implementation not only affects the profit but also customer satisfaction. The goal of this chapter is to summarize the challenges faced and propose a framework to overcome these challanges.