The digitization of manufacturing is proceeding rapidly as companies take advantage of new, inexpensive, connected devices to provide unprecedented visibility on the plant floor. How digital is your plant? Do you have plans to expand that digital footprint?
Dropping inventory below the optimum amount causes shortages, whereas holding more inventory than necessary will result in waste. The main reason for keeping inventory is to save time, so lowering it will adversely affect the condition that the inventory is there to manage. You should go back to why you made those decisions in the first place.