How to lose your inventory management game in 7 ways
Read in our material what factors affect the success of the chain and what mistakes in inventory management should be avoided.
10 minutes
Reading time
English
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Role of Inventory Management in Retail
Monitoring errors in demand forecasting, lost sales, blocked excess money, and deteriorating product turnover – the daily “reality” of any retailer –, will provide an opportunity to identify and eliminate bottlenecks in your chain's inventory management.Inventory is the main asset of any retail business. Efficient inventory management and continuous monitoring make it possible for the business to multiply profits and avoid excess inventory and financial losses. You can read in our material what factors affect the success of the chain and what mistakes in inventory management should be avoided.
Contents
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Not having a process to get clear, up-to-date data
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Not having correct KPIs for each supply chain manager (category managers, demand planners, trade marketing team, logistics dept.)
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Not having top-notch tools for inventory management
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Not having a process of ongoing improvements with the help of analytics and not tracking important inventory management KPIs
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Not tracking the inventory turnover compared to the payment delay
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Not having all supply chain departments engaged
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Not having transparent relationships with the suppliers
