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Monte Carlo Simulation: Inventory Optimization, Spreadsheets, and Black Box Solutions
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| Hi Friend,
I hope that you are staying safe during the current global pandemic. |
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Here's an important question: Do you really understand how inventory optimization software works?
I don't mean at an intellectual level but at a practical level.
Could you explain the logic of the results to your boss?
Software and techniques for inventory optimization have evolved over many years. While this sounds like good news, the real issue is that the approach used in software is not always clear or transparent.
The company Right Sized Inventory, which is a member of our Spare Parts Alliance, believes in transparency and recently I interviewed their CEO, Michael Worden, about Monte Carlo Simulation: Inventory Optimization, Spreadsheets, and Black Box Solutions.
It was an interesting discussion about optimization techniques and the need to understand exactly what your chosen software actually does.
Here is a link to a transcript.
https://bit.ly/transparency_interview |
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Keep on improving!
Phillip Slater Founder, SparePartsKnowHow
Demystifying Spare Parts Inventory Management |
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The Spare Parts Alliance Connecting you to suppliers that you can trust. |
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A leader in the provision of procurement services. Helping companies manage the complex activities of MRO procurement and logistics. http://bit.ly/v-linegroup |
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Right Sized Inventory uses patented inventory-optimization predictive analytics to analyze your supply chain and establish best target inventory levels. http://bit.ly/RSI_SPKH |
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NRI Industrial specializes in the management and sales of surplus spare parts. They provide solutions to recover value from overstock, surplus and obsolete inventory. https://bit.ly/NRISolutions |
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Provides comprehensive education programs in reliability and maintenance practice. Based at the University of Tennessee, Knoxville. http://bit.ly/RMICUT |
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Spare Parts Management Specialist and Consultant. Author of Spare Parts Inventory Management and Founder of SparePartsKnowHow http://bit.ly/phillipslater |
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Spare Parts Inventory Management Training, Resources, and Coaching for Individuals and Teams. Improve your spare parts management know-how. http://bit.ly/SP_KH |
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