To thrive in today’s ultra-competitive market, a company’s fulfillment operations must be fine-tuned. One aspect of business that can be greatly improved is inventory control. Here’s a quick rundown of what this practice entails, as well as a few tips for improving a company’s inventory control system.
It has the potential to increase profit margins by making the best use of a company’s resources when done correctly. Such resources include raw materials, components, finished goods, and operating supplies. If inventory is not measured, verified, or used properly, it can result in costly setbacks such as spoilage, overages, obsolescence, stockouts, and disappointed customers, all of which can jeopardize a company’s finances.
Are you looking for additional ways to improve inventory control? See the accompanying resource for more information!