Question: Chapter 1 6 dives into a very important aspect, in my opinion, one of the single most important aspects of supply chain, inventory management. Without

Chapter 16 dives into a very important aspect, in my opinion, one of the single most important aspects of supply chain, inventory management. Without proper inventory management techniques and strategies, a business could really jeopardize themselves significantly to operate efficiently. Understanding your demand and timelines will help a lot, but setting up a strategy to both stay fiscally lean, yet combat lead time delays, and product shortages are a huge cog in the wheel of the supply chain operation as a whole, whether youre the supplier or consumer, you have to understand your volume and demand, and strategically stay ahead of delays that could derail you. JIT delivery is a popular route, preached pretty hard throughout this degree, however in the real world, you have to understand with supply, every week/month will not operate the same, and delays happen frequently and unexpectedly. Having a sound plan of attack and strategy, as well as a buffer of high-volume items would be my recommendation to combatting this, while utilizing multiple resources, and frequently tracking your shipments and watching key news articles that could have an effect on your sector. The authors suggest the concept of Just-In-Time and an information network that will replace hospital pharmacy with virtual pharmacy and distribute the actual stock of drugs in all hospital clinics in the same region. They propose that a stockless inventory system can be used to track, order and control the movement of drugs within the distribution chain through the Virtual Hospital Pharmacy (VHP) program and an integrated inventory management system. This can minimize or completely eliminate problems, such as out-of-stock and expired medicines, which significantly reduce the role of health care professionals who can focus on important research and not on inventory management(Basha,2020).

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!