Question

Is it wise to use analytical estimation on inventory control procedures?

Answer 1

Yes, in my opinion it is wise to use analytical estimation on inventory control procedures because the use of analytucs results in accurate prediction of inventory to be maintained as per historical data and future customer demands as well and also helps in determination of proper procedures and proceses to control inventory and maintain optimum inventory as per customer requirements. Also it helps in considerable savings in inventory cost and production cost as well, thereby resulting in better margins and profit levels for the organization and also utilization of technological advancements in analytics and inventory management.