The pull strategy is based on customer demand, where you order small amounts of inventory as needed. There are many ways to plan and manage your inventory, each guided by your product and business needs. The inventory management process involves tracking stock from the point of purchase or creation through its sale. Inventory management looks at how much stock to order and when to order it. The right inventory management system automates some processes, accurately tracks incoming and outgoing goods and services and provides the real-time data needed to make purchasing and product development decisions. Carry too little, and you risk losing money from lost sales.Įffective inventory management systems can help businesses save time and money and maximize sales. Carry too much inventory, and you're wasting valuable fiscal resources. Inventory management isn't merely an accounting of what is it involves predicting what "will be" so the organization can ensure that it has enough product, raw materials and supplies to meet future demand. Inventory management encompasses accounting for the products in your warehouse, the raw materials needed to make those products and other supplies to keep your business running. On its surface, the concept of inventory management might seem pretty straightforward - how much stock do we have on hand for each of the products we sell? But it’s much more complicated than that. Middle East, Nordics and Other Regions (opens in new tab).
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