This paper discusses the need to implement industry best practices for your inventory management techniques. The 14 best practices we discuss include:

  1. Synchronizing promotions
  2. Revamping organizational structure
  3. Longer view of item planning
  4. Enforce vendor compliance
  5. Track key inventory metrics
  6. Select right system
  7. Master art of scheduling
  8. Adhere to exception reporting
  9. Indentify lost demand
  10. Plan by assortment
  11. Track inbound receipts
  12. Create coverage reports
  13. Balance understock/overstock
  14. Optimize SKUs

We also review the top inventory management metrics that you should be tracking in your company on a daily, weekly, monthly, and annual basis.

     

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