Inventory optimization looks at understanding your business realities, enabling you to make smart decisions that balance current demand with future needs.
Knowing how much stock to order and what to forecast isn't a simple task. If your inventory isn't set up with the right policies, classifications, and procedures, your business will incur excess stock or, worse, experience stock-outs.
Modern supply chains adopt these fundamental principles to optimize their inventory:
- Setting inventory policy in line with realistic targets
- Classify products to focus resources
- Building forecasts that impact inventory performance
- Selecting the right safety stock levels
- Effective ordering to reduce risk
- Exception-based inventory management
With these principles in place, you can confidently navigate supply and demand pressures, enabling your business to be market-ready.
This eBook is an excellent resource providing fundamental steps to plan and manage inventory.
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