IJBTT

AI-Powered Inventory Optimization in Industrial Manufacturing

AI-Powered Inventory Optimization in Industrial Manufacturing
	© 2023 by IJETT Journal
	Volume-71 Issue-8
	Year of Publication : 2023
	Author : Ravi Dave, Bidyut Sarkar
	DOI : 10.14445/22315381/IJETT-V71I8P202

How to Cite?

Ravi Dave, Bidyut Sarkar, "AI-Powered Inventory Optimization in Industrial Manufacturing," International Journal of Engineering Trends and Technology, vol. 71, no. 8, pp. 13-25, 2023. Crossref, https://doi.org/10.14445/22315381/IJETT-V71I8P202

Abstract
Material Requirement Planning (MRP) is a systematic approach to efficiently managing and controlling the flow of materials within a production or manufacturing environment. It involves planning and scheduling the quantities of raw materials, components, and assemblies required to meet production demands while minimizing inventory costs. The primary objective of MRP is to ensure that materials are available at the right time, in the correct quantity, and of the right quality to support the production process in industrial manufacturing. “Automatic Reorder Point Planning" is a sophisticated system that streamlines inventory management by automatically determining when to reorder products based on predefined criteria. The system employs advanced algorithms and data analysis to calculate the optimal reorder points for each item in your inventory. This article provides a comprehensive guide for organizations seeking to enhance their MRP processes by implementing Automatic Reorder Point Planning and insight into AI-powered MRP with a case study. It provides valuable insights, practical recommendations, and real-world examples to help businesses optimize inventory management, streamline production operations, and improve overall supply chain efficiency.

Keywords
Artificial Intelligence (AI), Material Requirement Planning (MRP), Automatic Reorder Point Planning, Industrial Manufacturing, ERP, SAP S/4 HANA, Digital Transformation.

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