Jan 11 2024 12 mins 1
Inventory has a tremendous impact on your profit and loss statement and balance sheet.
If it's not properly balanced against demand, it's hard for companies to serve customers, which can lead to problems.
For example, Nike's difficulty with responding to supply chain issues and inflation created an inventory surplus that's negatively impacted its profit.
On the other side, Revlon's inability to meet demand because of low inventory led to the company to file for bankruptcy after 90 years in business.
In this episode, we will unveil 5 secrets for effective inventory management:
Secret #1 – Increase Your Visibility
Secret #2 – Focus on Better Responsiveness
Secret #3 – Have a New Product Launch Management Process
Secret #4 – Improve Your Demand Forecasting
Secret #5 – Consider the Total Cost of Ownership
Bonus Tip: For Free and Actionable Resources, please visit https://usmsupplychain.com/
