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?