WITH THE TOPIC: Optimizing inventory management through data analytics at a pharmaceutical company. Briefly outline the problem $($edit the problem statement below$)$ to be tackled based on the research objectives below.

PROBLEM STATEMENT

In the pharmaceutical industry, where precision and efficiency are important, optimizing inventory management is a complex challenge. The problem lies in inefficient inventory management practices, and the intricate balance between maintaining sufficient stock levels to meet unpredictable demand while avoiding excess inventory that leads to waste and financial strain. The area of concern encompasses the inefficient allocation of resources due to manual or outdated inventory management practices, resulting in increased costs and decreased competitiveness. This research aims to justify the need for leveraging data analytics to improve inventory processes within pharmaceutical companies. It is a researchable problem because it involves investigating the effectiveness of current inventory management methods, identifying pain points, and proposing data$-$driven solutions to enhance operational efficiency and cost$-$effectiveness.

RESEARCH OBJECTIVES

$1.$ To utilize data$-$driven strategies aimed at reducing excess stockouts and under stocking inventory levels without compromising on product availability.

$2.$ To implement predictive analytics models to minimize stockouts and understocking instances.

$3.$ To evaluate existing inventory management practices within the pharmaceutical company, identifying strengths, weaknesses, and areas for improvement.