There are many challenges in the inventory management systems taken up and being solved in the industry and thus there are some problems that still exist and cannot be solved and implemented by all the sectors. The aim of this research is to form a set of implementation techniques that can be implemented in different scenarios. This paper provides the advancements and best challenges of the major inventory management techniques based on a recent review of the literature in the field and interviews with management teachers and practitioners. The beauty and basic aspects of the identified innovative techniques for robust inventory management are explained. The developing business environment where cost management has become a major policy to keep ahead of acute competition is highlighted. This paper concludes that the acquisition of an appropriate combination of modern inventory management approaches can help practitioners to improve corporate service delivery in terms ensuring constant motion of materials also minimizing the attendant carrying costs.
Citation: Sawlikar A. and Sawlikar A. (2022) Challenges and Advancements in the Field of Inventory Management, International Journal of Management Technology, Vol.9, No 2, pp.47-59