11 Sep Discuss what you have learned after reading Inventory Management Tools and Techniques

Part 1: Discuss what you have learned after reading Inventory Management Tools and Techniques. How do you feel immersive technologies will shape our future?

Part 2: Create at least 2 discussion questions related to the material that you just learned about for your classmates to respond to you.

Part 3: Replies: Respond to at least 2 of your peer’s discussion question posts.

Essential Activities:

Reading Module III “Inventory Management Tools and Techniques” will assist you in writing this discussion forum.

Watching the videos, “Inventory Target: Step by Step Forecasting Tutorial”, “How immersive technologies (AR/VR) will shape our future”, and “Designing A New Virtual World With Immersive Technologies” will assist you in writing this discussion forum.

Reply 1

Part 1

Today, VMI (Vendor-managed inventory) is one of the most compelling approaches in contemporary supply chain management. In this arrangement, suppliers agree to maintain the right level of inventory for their customers and may employ shared data systems to track stock levels at customer locations so that they can automatically trigger reorders. This ultimately leads to a dramatic decrease in stockouts and overstock situations (Iglewicz, & Hoaglin, 2003). I look forward to the day when AR is a persistent personal info layer across all of our physical reality. It has the potential to change not only how we move, decide and learn but also what it means when a person is paralyzed. Imagine, for example AR that provides instant multilingual exchange during a conversation or instantly display nutritional information over food items we encounter in space. With entertainment and arts I believe immersive technologies will blurr the lines of creator with audience, allowing more participatory and personalised experiences. But I also see real problems as this stuff gets more and more integrated into our daily lives. The elephant in the room is information overload and augmented environments can be suspect to manipulation or inaccurate facts. Furthermore, with virtual experiences becoming even more realistic in the future, this may generate discussions within society on what we place value and authenticity on between a physical vs. digital correction of reality.

Part 2

1. And with ubiquitous AR to get information on the fly so quickly, how would it re-wire our entire cognition outside of direct memory recall and processing?

2. So how will very immersive virtual social spaces affect the future development of our ability to communicate and form real-world relationships, particularly among younger generations?

Reply 2

To improve the accuracy, tracking, and general efficiency of inventory procedures, a variety of inventory management solutions are used. Two notable technologies are RFID (Radio Frequency Identification), which employs tags to offer real-time inventory tracking without requiring line-of-sight scanning, and barcode tracking, which uses numerical codes to rapidly identify objects. Businesses should maintain optimal inventory levels and reduce losses from overstock or stockouts by employing methods like cycle counting and inventory audits to ensure that stock levels are accurate. There are several methods involved in inventory level optimization. ABC analysis assigns a higher priority to the management of high-value products by classifying inventory into three groups (A, B, and C) according to their importance to the company. Baraka & Yadavalli (2022), syas that other methods include demand forecasting, which projects future inventory requirements based on previous data, and safety stock optimization, which keeps a buffer for demand swings. Lean Inventory Management reduces waste, whereas Vendor Managed Inventory (VMI) gives suppliers control over inventory levels. Using reliable inventory management software improves tracking and visibility via a variety of channels.

Immersive technologies like VR (virtual reality) and AR(augmented reality) could play a big part in influencing the future. Immersion technologies have the potential to enhance surgical precision and medical training, hence improving patient outcomes in the healthcare industry. Using VR and AR simulations, healthcare professionals should improve their abilities and boost their self-assurance by conducting surgical procedures in a safe setting. Additionally, AR should provide live data overlays while performing surgery, ensuring enhanced outcomes and decision-making for patients. Combining these technologies might lead to more specialized patient care and innovative treatment strategies, including using virtual reality (VR) for mental health and pain management (Pavithra, 2020).Virtual reality and augmented reality are also altering the way organization’s function, particularly regarding remote work and teamwork. Employee communication is enhanced by these technologies, which enable immersive meetings and training sessions independent of the employees’ physical location.

Quires

• What difficulties do you have with your present inventory management system?

• What are your objectives for inventory management?

Reading Module III “Inventory Management Tools and Techniques”