Inventory management can often be one of the back waters of a business, but getting it wrong can wreak havoc very quickly. If your company has some of these symptoms, it might be time for an inventory review:
Too much working capital invested in inventory.
Too much slow moving or obsolete inventory.
Customer service failures and back orders due to lack of the correct stock.
Poor on shelf availability.
Warehouses crammed to the rafters with the wrong stock.
Lots of inter branch / warehouse transfers to get the right stock in the right place.
If this sounds like your company, the good news is, that improvements can easily be made without resorting to a large investment in people and systems.
If you would like help in getting your inventory under control, or just someone to bounce some ideas off, feel free to check this site regular for some more thoughts and tips.
How Much Inventory Should I Hold?
What are the Cost Elements of Holding Stock?
What is Inventory Turnover?
What is Stock Accuracy?
We will addressing the above questions shortly.
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