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Inventory Management

30 Examples of Inventory Management

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Inventory management is the process of planning, controlling and accounting for the inventory of a firm. Inventory includes materials and components used in manufacturing, work in process goods, finished goods, goods in transit and stock to be sold. It can also include current assets used in maintenance, repair and operations. The following are common examples of inventory management.
Inventory planning
Inventory forecasting
Coordination with sales, marketing and operations
Analyzing sales data and historical trends to predict demand
Balancing inventory levels to reduce stockouts and avoid excess inventory
Optimizing inventory turnover
Measuring and reporting inventory turnover
Monitoring current inventory levels
Improving procurement turnaround times
Improving stocking turnaround times
Order management
Managing supplier performance
Managing supplier and logistics issues
Inventory audits and reconciliation
Tracking lead times for reordering
Procurement processes to find new suppliers
Reordering automation
Inventory tracking automation
Inventory analysis
Negotiating with suppliers
Monitoring supplier cost and performance
Improving inventory holding costs
Managing customer returns
Expiry date tracking and monitoring
Implementing and tracking first-in-first-out use of stock
Inventory disposal and liquidation
Compliance with regulations and standards for inventory storage, safety and labeling
Monitoring and reporting shrinkage
Loss prevention measures
Inventory expediting – accelerated process for urgent inventory needs

Inventory Management

This is the complete list of articles we have written about inventory management.
Carrying Costs
Cash Conversion
Goods In Transit
Inventory Examples
Inventory Risk
Inventory Shrinkage
Service Inventory
Stock Keeping Unit
Store Operations
More ...
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