Maintaining good control of your inventory is a difficult thing to do. If you’re adding items continuously, have multiple locations, maintain lot/serial controlled items, maintain multiple price policies, have very high valued items, etc., then inventory management is a significant part of your business concerns.
In this review by Amanda Andonian at Business-Software.com, there are seven issues listed that you should consider in order to improve control over your inventory investment. There are also links to supporting documentation to back up the article.
These are some of the top recommendations identified:
- Identify shortages before they become a problem
- Track distressed inventory properly and get rid of it
- Forecast inventory needs to match demand
- Don’t overreact to changes in the market
Using an integrated ERP hosting solution can greatly help you control your inventory.
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