When answering this question, focus on demonstrating your understanding of inventory management principles and your ability to apply them effectively. Mention specific strategies such as Just-In-Time (JIT), Economic Order Quantity (EOQ), ABC analysis, and safety stock management. Provide examples from your past experience where you successfully optimized inventory levels, reduced costs, or improved service levels. Highlight any tools or software you have used, such as ERP systems, and discuss how you monitor and adjust inventory levels based on demand forecasts and lead times.
Example Answer:
"In my previous role, I utilized a combination of Just-In-Time (JIT) and Economic Order Quantity (EOQ) strategies to optimize inventory levels. By closely monitoring demand forecasts and lead times, I was able to reduce excess stock and minimize holding costs. Additionally, I implemented ABC analysis to prioritize high-value items and ensure their availability. I also used ERP software to track inventory in real-time and make data-driven decisions. As a result, we saw a 15% reduction in inventory costs and a 10% improvement in order fulfillment times."
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