LONDON--(BUSINESS WIRE)--Quantzig, a leading analytics advisory firm that delivers customized analytics solutions, has announced the completion of its free resource that expounds the five signs companies must look at before revamping their inventory management system. With the growing complexity of supply chain, inventory management is emerging as one of the most important operational activities that help determine the success or failure of a business. Although the process of maintaining optimal levels of inventory is quite challenging businesses can successfully optimize inventory with a better inventory management system in place. With an efficient inventory management system, businesses can easily track the availability and movement of products and can also offer better customer experiences. Also, they can be better positioned to drive sales and set an optimal capital cost structure.
“Inventory management plays an important role in maintaining transparency throughout the supply network”- says a supply chain analytics expert at Quantzig
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Inventory management: Check out these signals before you move ahead
Obsolete inventory management systems lead to an increase in the cost of inventory which is nothing but a bane for any business. It indicates that you have not been following inventory management best practices. There are some important reasons leading to obsolete inventory such as inaccurate customer demand forecasts and poor-quality or design of a product. So, businesses aiming at optimizing their inventory must check on this factor before moving ahead.
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Leading companies also struggle when it comes to inventory management because they lack a centralized inventory management system. Therefore, companies should centralize their databases that can allow multiple users to access the inventory at any given time.
Relying on manual processes
For your inventory management system to provide profitable results, it is crucial that you monitor the inventory levels at regular intervals and audit regularly to identify potential. But to do this, relying too much on manual processes can be time-consuming and tiresome. Therefore, businesses should consider adopting an advanced inventory management approach.
To read more, download this free resource here.
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Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal