Optimization Techniques in Supply Chain Planning for Consumer Electronics
DOI:
https://doi.org/10.36676/jrps.v13.i5.1507Keywords:
Supply chain planning, optimization techniques, consumer electronics, inventory management, distribution networkAbstract
The consumer electronics business is characterized by fast technical breakthroughs, high customer expectations, and severe rivalry. As a result, effective supply chain management is essential for preserving profitability and market dominance in this industry. Increasing the effectiveness, responsiveness, and resilience of supply chain operations is one of the most important roles that optimization approaches in supply chain planning play in tackling these difficulties. Within the context of the consumer electronics industry, this study investigates a variety of optimization approaches that are used in supply chain planning. The primary emphasis of this investigation is on strategies that are utilized to manage inventory, simplify manufacturing processes, and enhance distribution networks.
In the first place, the research investigates several ways for optimizing inventory, such as sophisticated forecasting systems and inventory management models. It is crucial to have an accurate demand prediction in order to alleviate the problem of stockouts and excess inventory, both of which may result in lost sales and higher holding costs. Statistical forecasting, machine learning algorithms, and collaborative forecasting with suppliers are some of the techniques that are being evaluated to see how useful they are in terms of increasing inventory accuracy and lowering costs.
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