Data analytics is the process of examining structured and unstructured data sets in order to provide real-time up to update information that can facilitate the company to maximize the decision value in the business.
Inventory optimization is having the right inventory, in the right quantities and at the right locations to meet the supply and demand of parts and materials in the company. That is finding the right balance between inventory and service level.
Data analytics for optimizing inventory will improve the accuracy of inventory orders that is to prevent product shortage and just have enough inventory in the warehouse which will lead to a more organised warehouse that will speed up order fulfilment –ability to get the right stock in the right place at the right time to meet customer’s demand. It also increases efficiency and productivity which eliminate manual processes so that the employees can focus and create values on other more important areas of the business.