SpendEdge Explores How Inventory Optimization Can Help Boost Business Operations in Their New Downloadable Supplement
Sep. 06, 2018
LONDON--(BUSINESS WIRE)--Sep 6, 2018--Global procurement intelligence advisory firm SpendEdge has identified the three key applications of inventory optimization in boosting business operations.
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BUSINESS BENEFITS OF OPTIMIZING INVENTORY OPERATIONS (Graphic: Business Wire)
Inventory optimization is always a smart practice for any organization. It is very important to keep a watchful eye on your inventory or count stocks frequently, otherwise you are giving yourself up for potential inventory faults and challenges. A strong inventory optimization practice can really make or break your business. At present, it is accepted that most organization's struggle when it comes to breaching the barriers of business silos. This belief is an age-old challenge that has affected supply chain management. The principal step to break this obstacle is to get everyone in the whole company on the same page and associated around the same key performance indicators (KPI's).
Currently, there is no need to simply raise levels of stock to attain a better service. Advanced inventory optimization tools consider demand and supply challenges and allow companies to achieve better business performance with lower inventories.
According to the procurement experts at SpendEdge, “When it comes to inventory management, there are three ways for establishments to align and break down the silos - From a people viewpoint, from a process perspective, and from a technology standpoint.”
Benefits of inventory optimization:Business Leaders and Management – A happy customer is definitely a loyal customer and these customers result in long-term sales for the business. CEO’s and business owners can benefit from inventory optimization by filtering overall service levels and filling rates of product delivery as they put their customers at the center of their supply chain. Also, inventory optimization lets inventory managers guarantee that the right quantities of stock are always on hand when demand comes knocking. Financial Advisors and Managers – Cutting costs and capitals tied up in the business is very important for any financial organizer. One can also quickly realize better cash flow by reducing additional inventory in the warehouse. Through better forecasting, development, and following inventory redeployment best practices, reordering needs will decrease and "bad inventory" levels can be eradicated from the balance sheet. to access the complete list of benefits
Download the free supplement to know more about the business benefits of inventory optimization:
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INDUSTRY KEYWORD: TRANSPORT LOGISTICS/SUPPLY CHAIN MANAGEMENT
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