Inventory Control
Inventory control is the process of managing and regulating the flow of goods and materials within a company's supply chain. It involves monitoring inventory levels, tracking inventory movements, and forecasting future demand to ensure that the right amount of inventory is available at the right time. Data science and artificial intelligence play a crucial role in inventory control by providing advanced analytics and predictive modeling tools that enable companies to optimize their inventory levels and reduce costs. By analyzing historical sales data, AI algorithms can predict future demand patterns and help companies make informed decisions about when to order new inventory, how much to order, and where to store it. Additionally, data science techniques such as clustering and classification can be used to group products based on their demand patterns and identify which products are most profitable to stock. Overall, inventory control is a critical function for any company that wants to maximize efficiency and profitability in its supply chain.
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