Inventory Management is a common place for mistakes for most of the business out there . If we have good planning , full-time employment , and accurate forecasts will definitely help the business in a long run . Similar to any other process , inventory management offers a lot of opportunities for improvement and that can only be done by avoiding mistakes so that the business does not get restricted .
Today , I will go through the inventory management mistakes that must be avoided for a proper functioning of the business . If done right, the companies profit will increase , clients will become happier and you can manage more with less effort .
So, why the wait? Let us start …
1. Using Metrics that do not quantify the performance correctly
2. Forecast Management
3. Communication gap
4. Budget Forcing
5. Where are the customers?
6. No strong ERP system to handle the inventory management
7. Not being creative or innovative
8. Managing all items similarly