To survive in today’s ultra-competitive market, an organization’s fulfillment operations must be efficiently honed. Inventory control is one aspect of business that can be greatly improved. Here’s a quick rundown of what this practice entails, as well as a few ways a business can improve its inventory control system.
When done correctly, it has the potential to increase profit margins by making the best use of a company’s resources. Raw materials, components, finished products, and operating supplies are examples of such resources. If inventory is not properly measured, verified, or used, it can result in costly setbacks such as spoilage, overages, obsolescence, stockouts, and disappointed customers, all of which can put a company’s finances at risk.
Looking for more ways to improve inventory control? For more information, see the accompanying resource!