Question: How does effective inventory management contribute to the overall efficiency and profitability of a manufacturing company? Discuss the various inventory management techniques and their impact

How does effective inventory management contribute to the overall efficiency and profitability of a manufacturing company? Discuss the various inventory management techniques and their impact on reducing costs, improving customer satisfaction, and streamlining production processes. Additionally, provide examples of how companies in the real world have successfully implemented these techniques to optimize their supply chain operations and maintain competitive advantage in their respective industries.

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