Innovative approaches that may help companies to control inventory costs

Link video: https://www.youtube.com/watch?v=3qLV6tfLfk0

The video on 8 best practices for inventory management presents some of the best practices for inventory management. Inventory management continues to be a major part of operations and can significantly affect the success and survivability of a company. After watching the video, discuss innovative approaches that may help companies to control inventory costs. Be specific on how such costs are associated with inventory.