ABSTRACT
The global economy is on the verge of a major upheaval in the way inventory is managed. This transformation is a result of the availability of the huge amounts of real-time data that are routinely generated on the Internet and through the interconnected world of enterprise software systems and smart products. The power of computer learning, supplemented by management input based on context-specific knowledge, is used to find the best relationship between all possible decisions and full range of the data. Use of this relationship can lead to better operational performance. Change is coming to the world of inventory management and those that embrace this change will be ahead of the game. Successful adoption of this change will require active involvement of multiple functions within the firm along with a high level of coordination with both upstream and downstream supply chain partners as well as engagement with customers.
