Inventory Management

Simplifying your inventory

You’ll know about inventory management if you run a retail or manufacturing business. You’ll understand that it can be part science and part art because it’s hard to predict future demand based on past sales. Yet the success of your business depends on getting this right. Your sales forecast should be tied to your inventory management to ensure you don’t:

• Overstock and get stuck with excess inventory (which you will have to figure out how to get rid of by discounting or giving away)
• Run out of inventory (which will lead to lost sales opportunities)

But that’s just part of the problem. Storing, moving, and delivering inventory can be complex, time-consuming, and expensive. This can drain your time and resources and make it hard to scale up your business.

That’s why some businesses outsource some or all of their inventory management.