How to improve your inventory management and positively impact your bottom line
Many small to mid-sized businesses (SMBs) struggle to compete with big box counterparts because they have fewer resources, including personnel, technology, budget, and time, which is why it’s so important to make your resources as effective as possible.
Inventory management is one of the most critical aspects of any business and one of the most overlooked as well. Struggles in this area can lead to a variety of problems, including poor customer experience, lack of visibility across departments, low inventory turns, high service costs, and decreased profitability. Proper inventory management can mean the difference between a successful business and one that struggles to get by.
Here are five common inventory management pitfalls to avoid that can streamline your purchasing and inventory processes to drive efficiency, eliminate errors, and reduce costs.