Ashley Remstad

Inventory management refers to the process in which a business looks after, organizes, and keeps track of its physical assets, materials, and stock.

This includes everything from purchasing inventory, to storing it in warehouses or at other locations, to shipping it. The degree of complexity for inventory management depends significantly on the size of the company, and a number of physical products that it sells.

Inventory management is perhaps the most important aspect of any business selling goods to customers.

Product quality is important. Shipping and fulfillment are important. But without a proper system for managing inventory, you won’t even get that far. Not to mention the costs you will incur for failing to accurately forecast demand.

That’s why proper inventory management not only helps a business to operate more efficiently, it can also drastically reduce costs.

Here are the top 3 inventory metrics that are most important in reducing costs.

If you’re a supply chain professional, chances are you’ve heard the term “visibility” about a hundred times in the past decade – give or take a few!

The ability to trace inventory through every stage, aspect, and touch point of the supply chain. It’s that heightened state of visibility that all supply chain professionals crave.

But true supply chain nirvana can feel nearly impossible to obtain.