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Excess Inventories and Stock Out Events Through Advanced Demand Analysis and Emergency Deliveries: Error Analysis and Simulation Case Study
Abstract
Companies have to deter many remarkable problems on a daily basis. The existence of excess inventories and stock out events as well the usage of emergency deliveries are three indicative prominent subjects for discussion. Firms try to comprehend the consumer's desires in order to enhance costumer experience. In the current chapter, sales data of one tangible product from a well-known Greek retailing company are used. These data are analyzed in order to forecast the behavior of the demand. The author adapts an alternative approach for managing inventory during cycles with different levels of demand in order to develop a system that minimizes both excessive inventories and stock out events. Additional experiments take place regarding the parameterization of emergency deliveries in order to configure whether their usage is beneficial. Both an error analysis model and a simulation model are developed so as to determine the results of the aforementioned action.
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