You should look at how the demand changes over time. Your inventory size should depend on the market demand, which can change over time. Is it the sales pitch? Is it inventory management? Or is it the new products? Improve forecasting If they have fast inventory turns, it means that they are doing something right. You will benefit from analyzing the inventory turns of your competitors in your industry, because they can serve as benchmarks to what can potentially be achieved. Check or change your ranking in your industry While one may see this as taking a hit in the expected revenue, this is still better than insisting on the original price and still not selling them. To deal with dead inventory, one effective method is to sell them at a discounted price. Dead inventory refers to goods that stay in the warehouse for a long time simply because they are not sold. One big reason why a business has a slow inventory turn is because of so-called dead inventory. You should look at how reliably they can deliver the supplies you need! The best suppliers aren’t always the ones with cheapest supplies, but the ones who can most reliably deliver the supplies, especially when you need them. In fact, your ability to deliver the items that your customers are buying will make or break your business! Therefore, the cost of the supplies offered by your suppliers should not be the sole criteria in selecting them. Increasing sales will result in increasing the speed of your inventory turns. How can you improve your inventory turns?Īs inventory management is an elaborate science and art, you need to consider the following to improve your inventory turns, as listed by Oracle Netsuite: Streamline the supply chain
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |