As a long-time financial executive advisor, the most significant sticking point I’ve ever dealt with is getting everyone on the same page. Herding cats doesn’t come close to describing my frustration in these situations.
Occasionally, the CEO’s inventory management mindset ranges from ambivalence to non-committal. The merchandiser wants the product to sell without considering inventory management holistically. People in the warehouse want the goods put away and picked as quickly as possible for customer orders. The accountants? “Just give me a correct number.”
I’m not an inventory management savant. But I can easily paint a picture of what inventory management is. That’s the starting point. In this brief article, I’ll define inventory management and outline the tools, processes, and behaviors to achieve excellence.
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