6 Questions Every Business Owner Must Ask to Improve Inventory Management

Effective Inventory Management

Every organization understands and appreciates the need for effective inventory management. After all inventory is the lifeblood for any business that relies on a supply chain. Inventory is the beginning node from where rest of the supply chain forms its links until it culminates with customers.

Here are 6 questions you must ask yourself to find effective methods to improve inventory management to the next level.

# Does your company have a robust system of determining and fixating stock levels? 
# Are purchases based on economic order quantities?
# Is the entire process of material receipts, issues and stock taking automated? 
# Is there a uniform and consistent way of creating and maintaining inventory masters?
# Is there a system by which dead stock or slow moving stock is constantly monitored? 
# Has your business embraced cloud technology, especially for inventory management?