We are on the verge of a major upheaval in the way inventory is managed. This revolution is a result of the availability of the huge amounts of real-time data that are now routinely generated on the internet and through the interconnected world of enterprise software systems and smart products.
In order to make effective use of this new data and to stay competitive, managers will need to redesign their supply-chain processes. I am talking about going beyond using traditional historical data on past sales and stockouts. It is now possible to link data generated by all product interactions (including orders, examinations, and reviews by actual and potential customers) and transactions generated by suppliers and competitors who connect via internet web sites and cloud portals.
Author: Morris A. Cohen