Efficient inventory management and planning
Inventory is an important part of every business and plays a crucial role in the success of the business. Inventory management is the process of managing the movement of inventory from the warehouse to the manufacturing unit and then to the consumer. Companies that focus on inventory management notice a significant decline in the cost of operations and a rise in their profits. Inventory includes raw materials, components as well as finished products. It is important for businesses to start with demand planning & forecasting before they connect with the suppliers. With the right demand forecast, business owners will be in a better position to place an order for raw material. It is important to ensure that you do not stock up on raw materials or supplies unless they are necessary for the business. Excess orders will cost you space in the warehouse and will eventually cost you money. The systematic approach towards ordering, receiving, storing and selling works for all siz