3 Common Problems Overlooked in Inventory Management
If you ask any company what the most challenging part of managing their business is – 9 times out of 10, they will say inventory management. This is because inventory management affects many different parts within a business organization – from warehouse management and on-shelf availability to loss prevention, financial audits and customer satisfaction. It only gets more complicated as more product SKUs and locations are added. As your business grows, how do you ensure you are maintaining the right amount of stock? Hold too much, and you may tie up working capital and inhibit growth. Not enough, and you may disappoint customers. A rock-solid inventory management system becomes even more critical when scaling your business. Businesses are faced with: · Duplicate entry into disparate systems Often, companies use multiple systems to help manage their operations, including QuickBooks and Microsoft Excel. Initially, they find that the systems become insuffi