Optimising inventory systems for sustainable practices: integrating rebates and preservation technology for effective amelioration and deterioration control

In today's competitive business environment, the demand for adaptable inventory management models and the strategic importance of inventory control have increased significantly. Effective inventory management necessitates a resilient approach that enhances sales potential while mitigating the deterioration of ameliorating items. This study explores strategies for managing perishable inventory, with a focus on emphasising the role of rebates and preservation technologies. The model investigates the impact of static rebates, which provide fixed discounts, and dynamic rebates, which adjust based on purchase volume, thereby enhancing supplier flexibility. The research incorporates advertisement and advanced booking strategies to influence demand by adjusting the selling price. The deterioration is constant and amelioration of inventory items is modelled using the Weibull distribution, offering a sophisticated and flexible approach for capturing time-dependent changes. To address the complexities of optimising inventory systems, Genetic algorithms and Bat algorithms are employed. These advanced techniques are particularly effective in solving multi-variable, nonlinear optimisation problems, enabling the formulation of optimal inventory policies that balance preservation costs, advertising strategies, and pricing decisions. The results are reliable, offering practical and actionable insights for real-world inventory management. These findings offer practical recommendations for optimising inventory value, maximising profits, and minimising risks, particularly in industries dealing with perishable goods. Highlights Achieve the perfect balance between stock levels and carrying costs. This model transforms the traditional inventory system, ensuring products are available when customers need them while minimising waste and storage expenses. Harness the power of advanced preservation technology to extend the freshness and quality of perishable items. This approach not only reduces spoilage but also adds value to products, keeping them market-ready for longer periods. Boost sales and improve demand forecasting through advanced booking and strategic rebates. Static and dynamic rebates incentivise bulk purchases and adapt to market conditions, driving revenue and efficient inventory turnover. Embrace the precision of Genetic and Bat algorithms for insightful data analysis. These advanced tools validate numerical evaluations, providing robust and reliable forecasts that guide strategic decision-making and maximise profits. Commit to a greener future with the model’s focus on sustainability. By extending the shelf life of goods and reducing waste, businesses conserve resources, enhance their reputation, and meet sustainability goals.