the data tell a different story: 43% of retailersOpens in a new window rank inventory management as their #1 day-to-day challenge. So, how can businesses find success despite difficulties like supply chain issues and changes in demand? Here’s everything you need to know.
Why is inventory management important?
The underlying challenge behind inventory management is clear: Buy too much and risk accumulating outdated stock, but buy too little and you won’t have anything to sell — resulting in unhappy customers who will shop elsewhere. Knowing when and how much to order is key to successfully managing inventory. With real-time inventory data and the right inventory management tools, companies can apply AI, automation, and predictive analytics to surface key moments earlier. Automating inventory management saves money and avoids wasted labor.
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The benefits of inventory management
The underlying challenge behind inventory management is clear: Buy america phone number list too much and risk accumulating outdated stock, but buy too little and you won’t have anything to sell — resulting in unhappy customers who will shop elsewhere. Knowing when and how much to order is key to successfully managing inventory. With real-time inventory data and the right inventory management tools, companies can apply AI, automation, and predictive analytics to surface key moments earlier. Automating inventory management saves money and avoids wasted labor.
Popular inventory management techniques
The inventory management strategies you use will depend on your company’s business model. Here are a few popular techniques.
Dropshipping: This technique involves outsourcing your warehousing and manufacturing. However, just because dropshipping allows you to bypass these steps doesn’t mean there aren’t other inventory management tasks to take care of. Focus on monitoring your supplier’s stock levels in real time. Implement automated order processing systems, and maintain clear communication channels with your suppliers to ensure timely fulfillment of customer orders and avoid stockouts or delays.