All retailers know they are supposed to "control" their inventory, but that means different things to different people. According to Merriam-Webster, the definition of Inventory Control is:
"Coordination and supervision of the supply, storage, distribution, and recording of materials to maintain quantities adequate for current needs without excessive oversupply or loss."
This definition might seem obvious but the devil is in the details, as they say. For example, what does "supervision" really mean? What needs to be recorded besides purchases and sales? When is oversupply considered excessive?
Inventory control is one of those areas where minor adjustments can have a huge impact on profitability. So, over the next few weeks, I'll explore some of the less-obvious aspects of inventory control and also provide tips on how to handle the more obvious aspects more efficiently.
Stay tuned!
--Lynda
"Coordination and supervision of the supply, storage, distribution, and recording of materials to maintain quantities adequate for current needs without excessive oversupply or loss."
This definition might seem obvious but the devil is in the details, as they say. For example, what does "supervision" really mean? What needs to be recorded besides purchases and sales? When is oversupply considered excessive?
Inventory control is one of those areas where minor adjustments can have a huge impact on profitability. So, over the next few weeks, I'll explore some of the less-obvious aspects of inventory control and also provide tips on how to handle the more obvious aspects more efficiently.
Stay tuned!
--Lynda