Here's how you can effectively manage inventory in a global supply chain.

i believe that ,Implement just-in-time (JIT) inventory systems to reduce holding costs and minimize waste. plus Use ABC analysis to categorize inventory based on importance and value. Maintain safety stock levels to buffer against demand variability and supply chain disruptions. all this can help in managing the inventory .

Here are some points which we can use to effectively manage inventory in supply chain. 1. using demand forecasting 2. adopting the Just-in-Time strategy, 3. implementing ABC analysis, 4. optimizing warehouse design, 5. using inventory management software 6. conducting regular inventory audits, 7. establishing collaborative relationships with suppliers, and monitoring key performance indicators, you can optimize your inventory management processes and improve overall efficiency in your supply chain.

I agree that accurate demand forecasting is crucial for effective inventory management. It helps businesses strike a balance between meeting customer needs and avoiding unnecessary storage costs. By leveraging historical data, market trends, and seasonal patterns, businesses can anticipate future demand and optimize their inventory levels.

To make sure your supply chain stays strong, it's smart to have suppliers in different places. This way, if something bad happens, like a natural disaster or political trouble, it won't affect all your suppliers at once. Check how well your suppliers are doing regularly. Let them know what they're doing well and where they can do better. Keep a close eye on things like when they deliver, how long it takes, and the quality of what they send you. Build good relationships with your suppliers by being honest and fair. Keep talking to them openly and work together to reach your goals. Keep looking for ways to work better with your suppliers. Listen to feedback, look at how things are going, and find new ways to make your supply chain work better

The JIT method is extremely helpful to eliminate wastes or wasteful activities in your supply chain. This allows to save on transportation costs, inventory carrying costs , warehouse management and third party involvement for stock keeping. JIT method works only in cases of fast consuming items or items with shorter life (perishable in nature). Failing to pre determined stock levels can standstill the entire supply chain

I would suggest Implementing a process for regularly reviewing total network capacity and inventory levels. Assign regional stakeholders the responsibility for balancing the network and ensuring clear communication through a global Sales and Operations Planning (S&OP) process. Cultivate agility by enabling rapid responses to market changes and disruptions.