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What do you do if you want to keep up with the latest trends and innovations in Inventory Management?

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Inventory management is a crucial skill for any business that deals with physical goods, whether they are raw materials, finished products, or anything in between. It involves planning, organizing, controlling, and optimizing the flow of inventory from the source to the customer, while minimizing costs, maximizing profits, and meeting demand. However, inventory management is not a static or fixed process. It is constantly evolving and changing, as new technologies, trends, and innovations emerge in the market. How can you keep up with these developments and prepare for the future of inventory management? Here are some tips and strategies to help you stay on top of your game.

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Akash Bhargav

Planner @ DHL Supply Chain | Logistics, Materials, and Supply Chain Management
Tarek El Yaman

Managing Partner | Hospitality | Supply Chain | Cost Control | Business Development | Software Management | Project…

1 Read and research

One of the best ways to keep up with the latest trends and innovations in inventory management is to read and research as much as you can. There are many sources of information available online, such as blogs, podcasts, newsletters, magazines, journals, reports, and white papers, that cover various aspects of inventory management, such as best practices, case studies, challenges, solutions, and opportunities. You can also follow industry experts, influencers, and thought leaders on social media platforms, such as LinkedIn, Twitter, and YouTube, and engage with their content and insights. Reading and researching will help you learn from the experiences and perspectives of others, and discover new ideas and approaches that you can apply to your own inventory management.

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Tarek El Yaman

Managing Partner | Hospitality | Supply Chain | Cost Control | Business Development | Software Management | Project Management | Consultancy | Recruiting | Head Hunting
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Stay informed by regularly reading industry publications, attending conferences, and participating in webinars or workshops focused on inventory management trends and innovations; additionally, engage with peers, join professional networks or forums, and consider partnering with technology providers or consultants who specialize in inventory management to gain insights and access to cutting-edge solutions.

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Akash Bhargav

Planner @ DHL Supply Chain | Logistics, Materials, and Supply Chain Management
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Staying informed about the latest trends and innovations in inventory management requires dedicated reading and research efforts. Professionals can explore a wide range of resources, including industry publications, academic journals, whitepapers, and online forums. By regularly consuming relevant literature, individuals gain insights into emerging technologies, industry best practices, and evolving market trends. Additionally following people in the industry who are experts in the field, helps keep an ear to the ground. This continuous learning process empowers professionals to adapt their inventory management strategies and processes in response to changing industry dynamics, ensuring they remain competitive and effective in their roles.

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Thomas Dent, CPIM, CSCP, CPSM, CPSD

Director of Program Management
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Staying updated with the rapid pace of innovation in inventory management can be challenging. I recommend following 3-4 niche accounts dedicated to cutting-edge advancements in the Supply Chain field. Subscribing to specialized newsletters also keeps you in the loop on the latest trends and breakthroughs. Additionally, participating in regional chapter meetings with ISM (Institute for Supply Management) and ASCM (Association for Supply Chain Management) can provide valuable insights into pioneering startups and organizations embracing new innovations.

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2 Network and collaborate

Another way to keep up with the latest trends and innovations in inventory management is to network and collaborate with other professionals and organizations in your field. You can join online communities, forums, groups, and platforms that are dedicated to inventory management, such as Inventory Management Hub, Inventory Ops, and Inventory Professional Network. You can also attend webinars, workshops, conferences, and events that are relevant to inventory management, such as the Inventory Management Summit, the Global Inventory Management Conference, and the Inventory Optimization Forum. Networking and collaborating will help you expand your connections, exchange knowledge and feedback, and find potential partners and opportunities.

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3 Experiment and innovate

A third way to keep up with the latest trends and innovations in inventory management is to experiment and innovate with your own inventory management processes and systems. You can try out new tools, techniques, and technologies that can help you improve your inventory management performance, such as cloud-based software, artificial intelligence, machine learning, blockchain, internet of things, and automation. You can also test and measure the impact of different inventory management strategies, such as demand forecasting, inventory optimization, replenishment planning, cycle counting, and inventory auditing. Experimenting and innovating will help you find out what works and what doesn't for your specific inventory management needs and goals, and adapt to changing market conditions and customer expectations.

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Akash Bhargav

Planner @ DHL Supply Chain | Logistics, Materials, and Supply Chain Management
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Embracing experimentation and innovation within the organization is essential for staying ahead of the curve in inventory management. By encouraging a culture of creativity and risk-taking, teams can explore new technologies, methodologies, and process improvements. This experimentation allows professionals to test innovative solutions, identify best practices, and adapt their inventory management strategies to meet evolving business needs. Embracing a mindset of continuous improvement and innovation ensures that organizations remain agile and responsive to changing market dynamics, driving ongoing success in inventory management.

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4 Train and educate

A fourth way to keep up with the latest trends and innovations in inventory management is to train and educate yourself and your team on the skills and knowledge that are required for effective inventory management. You can enroll in online courses, programs, and certifications that are designed to teach you the fundamentals and advanced concepts of inventory management, such as the Certified Inventory Manager (CIM), the Certified Inventory Optimization Professional (CIOP), and the Certified Professional in Inventory Management (CPIM). You can also access online resources, such as videos, webinars, ebooks, and guides, that can help you learn new skills and techniques, such as inventory analysis, inventory control, inventory accounting, and inventory reporting. Training and educating will help you enhance your inventory management competencies and credentials, and stay updated and relevant in your field.

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5 Monitor and evaluate

A fifth way to keep up with the latest trends and innovations in inventory management is to monitor and evaluate your inventory management performance and results on a regular basis. You can use key performance indicators (KPIs), metrics, and dashboards that can help you track and analyze your inventory management activities and outcomes, such as inventory turnover, inventory accuracy, inventory carrying cost, stockout rate, and service level. You can also use benchmarks, standards, and best practices that can help you compare and improve your inventory management performance against your competitors and industry norms. Monitoring and evaluating will help you identify your strengths and weaknesses, and make informed and data-driven decisions to optimize your inventory management.

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Akash Bhargav

Planner @ DHL Supply Chain | Logistics, Materials, and Supply Chain Management
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Continuous monitoring and evaluation of industry trends, technological advancements, and best practices are essential for staying informed about the latest innovations in inventory management. Professionals can stay updated by regularly reviewing industry reports, market analyses, and case studies to identify emerging trends and developments. Additionally, monitoring competitors and industry benchmarks provides valuable insights into current practices and areas for improvement. By critically evaluating their own inventory management processes and performance metrics, professionals can identify opportunities for optimization and innovation, ensuring that their organizations remain agile and competitive in a rapidly evolving marketplace.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What do you do if you want to keep up with the latest trends and innovations in Inventory Management?

1

2

3

4

5

6

1 Read and research

2 Network and collaborate

3 Experiment and innovate

4 Train and educate

5 Monitor and evaluate

6 Here’s what else to consider

Inventory Management

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What do you do if you want to keep up with the latest trends and innovations in Inventory Management?

1

2

3

4

5

6

1 Read and research

2 Network and collaborate

3 Experiment and innovate

4 Train and educate

5 Monitor and evaluate

6 Here’s what else to consider

Inventory Management

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