How do I become an Effective Inventory Manager?
Inventory management System for Small business is one of the crucial business processes, which encompasses supervising – • The flow of goods from manufacturers to the warehouse and vice-versa • Storage of inventory • The amount of to-be-delivered products • Cost-effectiveness of the inventory operations Following are the inventory management best practices that manufacturers should prefer – 1. Try to maintain an optimal stock level every time When manufacturers maintain proper inventory levels, the production line runs with optimum capacity. Enough inventory should be available in the finished goods warehouse, to satiate the demands of customers. It is best to avoid overstock of inventory or stockout scenarios. 2. Track inventory through the supply chain Manufacturers should ensure to track in-house inventory, does not matter whether the stock is available in one or multiple warehouses, or at multiple locations. The key is to have the right amount of the right inventory at the right ...