What are the Best Practices for Inventory Management?
Implementing best practices can help avoid over investment in inventory:
Regular Audits: Conduct regular inventory audits to ensure accuracy and identify slow-moving items. ABC Analysis: Categorize inventory into A, B, and C classes to prioritize management efforts. Lean Inventory Principles: Adopt lean principles to reduce waste and improve efficiency. Continuous Improvement: Regularly review and refine inventory management processes.