How do I get optimal inventory control?
Asked 2 years ago
Hi, I want to optimize my inventory to optimize my logistic costs and meet the demands of my customers. My issue is that it shifts again the minute I think I've figured it out. How do I track inventory and get the optimum levels to meet my customer demands without either running out of stock or having too much of a product?
Tuesday, April 19, 2022
One of the most important parts of inventory management is record keeping. At all times, you have to the amount of every product you have.
Forecasting demand can also help you a lot. Demands for some specific products increase at a certain time of the day, certain days of the week or certain months of the year. This is why it is very good to keep historical data on different products.
Don't put all your products up for sale at a time. You can keep excess product on hand in case of an emergency or supply chain failure.
Lastly, have a reorder point for each of your products. Reorder point is the point your product quantity get to before you can initiate another order from the producer.
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