LONDON--(BUSINESS WIRE)--SpendEdge, a leading provider of supply chain management solutions, has announced the completion of their latest article on the best inventory management techniques for the retail category.
Since holding inventory ties up a lot of cash for companies, it becomes imperative to control and manage the inventory. With the aid of inventory management techniques, companies can get real-time updates about products, avoid spoilage, and save on storage costs. This minimizes losses and maximizes profits for companies in the retail category and helps them store, track, deliver, and order inventory or stock when required.
Wondering how you can determine the best inventory management techniques for your business? Request a free proposal to access our custom-made inventory management solution portfolio for free.
At SpendEdge, we understand the importance of inventory management in the retail industry. Therefore, we have highlighted the best inventory management techniques for companies in the retail category.
Top Inventory Management Techniques
FIFO strategy
First-in, first-out is a crucial inventory management technique that helps retailers reduce unsellable spoilage. In this technique, companies move out their oldest stock first and then the new one. This helps companies to avoid both perishable and non-perishable products becoming obsolete.
Inability to move out stock before it gets obsolete is mandatory to avoid revenue losses for companies. Contact our experts to know how inventory management techniques can help you.
Determine inventory levels
Determining minimum inventory levels and maintaining them is vital for retailers to meet consumer demands. Setting par levels allows companies to know when to order more. However, it requires companies to do some research and make decisions upfront to systemize the process of ordering.
Setting par levels is imperative for companies to systemize the process of ordering. Request a free demo from our experts to access our smart procurement solutions and improve decision making.
Effective contingency planning
Effective contingency planning helps companies to address issues such as sales spike and cashflow shortfall. There are instances when manufacturers run out of products or discontinue a product without warning. Having a contingency plan helps companies to handle such situations in an effective manner.
To know how inventory management techniques can help you better prepare for contingencies, request more information from our experts now!
About SpendEdge:
SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions.
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