Optimizing Inventory Management for Sciencetech

Sciencetech, a small manufacturing company specializing in scientific equipment, is seeking to enhance its inventory management process. The current system has inefficiencies that lead to overstocking, stockouts, and increased operational costs. The goal of this project is to provide at least three practical suggestions to improve inventory management. These suggestions should be detailed, including the work required for implementation, associated costs, and the anticipated improvements in efficiency and accuracy. The project will allow learners to apply their classroom knowledge in supply chain management, operations, and cost analysis to a real-world scenario, thereby bridging the gap between theory and practice. Key points: - Identify inefficiencies in the current inventory management system. - Propose at least three practical improvements. - Detail the implementation steps, costs, and expected benefits.