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How can you get inventory stakeholders to work together?

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Inventory management is a complex and dynamic process that involves multiple stakeholders with different roles, responsibilities, and objectives. How can you ensure that everyone is on the same page and working towards a common goal? In this article, we will explore some strategies and best practices to improve collaboration and communication among inventory stakeholders, and how to overcome some of the common challenges and risks that arise from inventory management.

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1 Identify the stakeholders

The first step to getting inventory stakeholders to work together is to identify who they are and what they do. Inventory stakeholders are anyone who has an interest or influence on the inventory process, such as suppliers, buyers, warehouse managers, logistics providers, salespeople, customers, and finance teams. Each stakeholder has a different perspective and expectation from the inventory, and may have conflicting or competing priorities. For example, buyers may want to order more inventory to avoid stockouts, while finance teams may want to reduce inventory costs and optimize cash flow. Therefore, it is important to map out the inventory stakeholders and understand their roles, responsibilities, and objectives.

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prasad more

Production Planning & Inventory Control at RPG Life Sciences
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Yes I agree,stakeholders are important for Inventory keeping. Marketing team is interested in keeping Finished Goods Inventory.& n-1 stage Inventory. Production team is interested in keeping WIP/semi finished Inventory, Purchase Team is interested in keeping Raw Material Inventory. & PPIC Team is interested to keep all type of Inventory in optimum.

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2 Establish clear goals and metrics

The next step is to establish clear and measurable goals and metrics for the inventory process, and align them with the overall business strategy and objectives. Goals and metrics help to define the desired outcomes and performance indicators for the inventory, and provide a common language and framework for evaluating and improving the inventory process. For example, some common inventory goals and metrics are inventory turnover, inventory accuracy, fill rate, service level, and inventory carrying cost. By setting and communicating these goals and metrics, inventory stakeholders can have a shared vision and direction, and can monitor and track their progress and results.

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Arumugam L

Manager- Supply Chain & Inventory Manager
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Process metrices are okay, in Financial scope, There should be a provision for inventory on category/segment, it should be monitored by both finance and inventory to maintain the threshold. If it is exceeding, revisit on threshold and provision to be changed dynamically. Benefits on above : CCC will be reduced, ICC will be reduced ITR will increase WHOR will be balanced SMS/NMS will be minimized. 80:20/ABC will show the result. Good Inventory health and discipline

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3 Communicate regularly and effectively

Another key strategy to get inventory stakeholders to work together is to communicate regularly and effectively. Communication is essential for sharing information, feedback, and updates, as well as for resolving issues, conflicts, and discrepancies. Communication can take various forms, such as meetings, reports, dashboards, emails, calls, and chats. However, communication should be consistent, timely, relevant, and transparent. For example, inventory stakeholders should communicate about inventory levels, demand forecasts, order status, inventory issues, corrective actions, and best practices. By communicating regularly and effectively, inventory stakeholders can build trust, rapport, and understanding, and can coordinate and collaborate better.

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4 Implement inventory management software

Inventory stakeholders can collaborate and communicate more effectively by implementing inventory management software. This tool automates and streamlines the inventory process, providing real-time visibility and control over the inventory. It enables stakeholders to manage inventory across multiple channels, track movements and transactions, generate accurate reports and analytics, forecast demand, optimize levels and replenishment, integrate with other systems , and reduce errors, waste, and inefficiencies. As a result of using this software, stakeholders have access to the same data and information, allowing them to work more efficiently and effectively.

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5 Encourage feedback and improvement

The final strategy to get inventory stakeholders to work together is to encourage feedback and improvement. Feedback and improvement are vital for identifying and addressing the gaps, challenges, and risks that affect the inventory process, and for finding and implementing solutions and best practices. Feedback and improvement can come from various sources, such as customers, suppliers, employees, managers, and peers. Inventory stakeholders should solicit and provide feedback regularly, and use it to evaluate and improve their performance and processes. For example, inventory stakeholders can conduct surveys, audits, reviews, and benchmarking to collect and analyze feedback, and can use tools such as PDCA (Plan-Do-Check-Act) or DMAIC (Define-Measure-Analyze-Improve-Control) to implement improvement actions. By encouraging feedback and improvement, inventory stakeholders can foster a culture of continuous learning and innovation.

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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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Sushil Kumar

Dispatch & Store Manager | Bachelor of Commerce (B.Com.)
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communicate regularly and effectively. Communication is essential for sharing information, feedback, and updates, as well as for resolving issues, conflicts, and discrepancies.

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How can you get inventory stakeholders to work together?

1

2

3

4

5

6

1 Identify the stakeholders

2 Establish clear goals and metrics

3 Communicate regularly and effectively

4 Implement inventory management software

5 Encourage feedback and improvement

6 Here’s what else to consider

Inventory Management

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How can you get inventory stakeholders to work together?

1

2

3

4

5

6

1 Identify the stakeholders

2 Establish clear goals and metrics

3 Communicate regularly and effectively

4 Implement inventory management software

5 Encourage feedback and improvement

6 Here’s what else to consider

Inventory Management

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