Inventory Management: The Objective
Each company that attempts to reduce inventory and its associated costs brings its own unique advantages and challenges to the battle. Managing for optimal inventory levels is a critical objective that requires diligent attention and daily action to maintain hard-fought advantage. The results, however, measured through improved customer service, increased sales, reduced costs and ultimately more profitability are worth the effort.
For more than 24 years, Demand Solutions has helped thousands of customers manage for optimal inventory levels. During that time, we have encountered frequent misconceptions about inventory planning based on out dated practices, short-sighted thinking, or simply inexperience. In this white paper, we identify the 10 most common mistakes we have encountered and list their “symptoms” to make each error easier to diagnose. We then offer practical solutions to help companies solve these problems to begin reducing inventory-associated costs and their performance-sapping consequences.
The 10 Most Common Inventory Mistakes…
- Using a Narrow Measurement Performance.
- Having Unqualified Employees Manage Inventory.
- Forecast Management Without a Disciplined Process.
- Not Communicating Internally.
- Not Talking to Customers.
- Forcing the Budget.
- Using Reorder Points to Manage Inventory.
- Having Too Many SKUs in Too Many Places.
- Managing All Items the Same Way.
- Never Trying New Things.
To continue reading, download this white paper and others click here.
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