Track: Supply Chain Management

Abstract

Inventory, a core component of the supply chain, contains several sub-items that depend on various factors. During pandemic situations like COVID-19, when customer demand is uncertain, keeping inventory is also very costly. It becomes quite difficult to maintain an adequate inventory level. Therefore, this study primarily focuses on maintaining the inventory level as efficiently as possible for the electronic component retailers in Bangladesh. To solve major issues regarding inventory, i.e., overstock, understock, and inadequate forecasts, optimal systems have been proposed that include the application of various forecasting methods and replenishment guidelines. By utilizing selected forecasting techniques (i.e., Fuzzy logic, Simple exponential, and Adjusted exponential smoothing) and the proposed (s, Q) replenishment policy, around 14.3% of total inventory costs were saved. In addition to that, this research also highlights FSN analysis on selected items for better inventory flow. By implementing the proposed inventory policy that addresses all constraints and issues, the store can manage inventory effectively and efficiently.