Assessment
Data Analytics in Inventory Management
Current trends in warehouse and inventory management automation imply a wider adoption of
data analytics. In 2017, the Economist published a report titled “The world’s most valuable resource
is no longer oil, but data”. Since then, the buzz around data has been growing exponentially.
Businesses gather more and more data about their processes, clients, turnover, or even market
changes.
Data analytics helps companies in several ways, based on the type of information gathered.
Automation in inventory management relies on the four major types of data analytics:
Descriptive: what is happening with inventory, how effective the processes are, etc.
Diagnostic: why certain processes are failing or are less effective.
Predictive: when will the next peak in sales appear, and when the stocks need to be altered.
Prescriptive: how can each step of the process be optimized to reach the full potential.
These technological trends will definitely change the traditional approach to automation of an
inventory management system. Adopting data analytics will help the companies improve their
processes, liquidate the excess stock, manage obsolescence, classify inventory more effectively,
forecast the demand, and react accordingly.
The Assessment Requirement
You are requested to answer the following: (Answer all tasks in your own words.
Do not copy any text from the notes, readings or other sources. The response
must be your own work only.):
1. Conduct a literature review on the current technological trends related to Inventory
Management.
(CLO 1 – 10 marks)
2. Evaluate the importance of Data Analytics in the four dimensions mentioned in the
introduction (Descriptive, Diagnostic, Predictive and Prescriptive) in the domain of
Inventory Management.
(CLO 3 – 15 marks)
3. Select any UAE company of your choice and propose a Technology direction to be
adopted and its effect on the company’s operational efficiency. ( You can choose ADNOC as example if you don’t find another company in UAE)
As a GUIDE ONLY, this section outlines some of the aspects you may consider significant given the brief
shown above. Your report should include:
a) Table of content
b) Provide a brief and clear description about the topic
c) Answer to part 1 (CLO1)
d) Answer to part 2 (CLO3)
e) Answer to part 3 (CLO4)
f) References
Last Completed Projects
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