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Inventory Management Do's & Don'ts

Tracking your Inventory Regular counting of the inventory, update of stock location, <br>received date and other data in a reliable manner make your <br>inventory management work flawless.

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Inventory Management Do's & Don'ts

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  1. Inventory Management Do's & Don'ts!

  2. Do's Tracking your Inventory Regular counting of the inventory, update of stock location, received date and other data in a reliable manner make your inventory management work flawless.

  3. Do's Measure performance You have a system in place but regular check on the inventory management with certain performance measures that matters most to your business makes you keep away from risks or future failures.

  4. Do's Necessary Process alignments Sales and Operations run parallelly and should have the desired sync to keep the business process going and growing. The demand and supply mechanism should be taken to account on all levels to avoid under-stock and over-stock of items.

  5. Don'ts Stocking on pre-assumptions You may save millions buying a stock at lower prices and may lose much more on holding the same waiting for demand. Nothing can be on assumptions, demand forecast has to be as close to right as possible and the decisions have to be completely data-driven.

  6. Don'ts Unplanned discarding of excess inventory You need to have a clear vision on deciding what to discontinue and what to keep and how it's going to help you save from the financial hits. Finally, create rules for what you will do with aging or excess inventory. Proper planning may help you classify the items to sell, return back to suppliers, liquidate, donate and destroy.

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