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What is Inventory Management Process?
What is an Inventory Management Process?
An inventory management process is about tracking and controlling your brand’s stock from the moment it’s manufactured until it reaches customers. This includes procuring, storing, moving, processing, and selling inventory.
Inventory management aims to ensure that the right level of stock is always available in the right place at the right time. To avoid shortages or oversupply, brands need to carefully enact stock monitoring and make forecasts based on the likes of seasonal demands, past trends, and marketing promotions.
Inventory management can have a huge impact on a brand’s financial well-being. According to Retail Dive, stockouts cost retailers $1 trillion every year. Back in 2014, Walmart alone lost out on $3 billion in sales because of stockouts. However recent research suggests that surplus stock costs businesses even more than stockouts, so it’s crucial to get the balance right
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