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Background: Ivy Tech Electronics is a leading manufacturer and retailer of electronic devices. They produce a wide range of products, including smartphones, tablets, laptops, and accessories. The company operates through multiple retail stores and an online platform, serving customers worldwide.

Inventory Management Challenges: Ivy Tech Electronics has been facing several inventory management challenges that have been affecting their operations and customer satisfaction. The following are the key issues they are encountering:

Excessive Inventory Levels: The company has been struggling with high levels of inventory, leading to increased carrying costs and tying up valuable capital. This is primarily due to inaccurate demand forecasting and ineffective inventory replenishment practices.

Stockouts and Lost Sales: Despite the excess inventory, the company frequently experiences stockouts of popular products. This results in lost sales opportunities and dissatisfied customers. The lack of real-time visibility into stock levels and inaccurate demand forecasting contribute to this problem.

Obsolescence and Product Aging: Ivy Tech Electronics deals with rapid technological advancements and evolving customer preferences. As a result, some of their products become obsolete or lose demand quickly. Inefficient inventory management leads to product aging, resulting in increased write-offs and reduced profitability.

Inefficient Supply Chain: The company's supply chain suffers from poor coordination between suppliers, production, and distribution. Delayed deliveries and long lead times impact their ability to respond to fluctuating market demands effectively. This results in increased stockouts and customer dissatisfaction.

For this Case Study you will propose solutions for the following areas: (Each area should have 3-4 sentences with detailed solutions)

1. Demand Forecasting and Planning:

2. Just-in-Time (JIT) Approach:

3. Real-Time Inventory Visibility:

4. Collaboration with Suppliers:

5. Product Lifecycle Management:

6. Continuous Improvement:

7. What is the overall outcome by Ivy Tech Electronics implementing these solutions:

Answer rating: 100% (QA)

Demand Forecasting and Planning Ivy Tech Electronics can implement advanced data analytics and machine learning algorithms to improve demand forecasting accuracy By analyzing historical sales data mar... View the full answer