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How can you manage inventory during a crisis?

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A crisis can disrupt your inventory management and affect your reputation, sales, and customer satisfaction. Whether it's a natural disaster, a pandemic, a recall, or a supply chain issue, you need to have a plan to manage your inventory during a crisis. Here are some tips to help you do that.

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Surabhi Agrawal

Senior Brand Marketing Manager | LinkedIn Top Voice | Gold Medalist IIM S | Marketing & Brand Management | Strategy and…
Aniruddha Basu

Global Head- PR & Corporate Communications | Executive Program in Marketing, ISB | Alum Hansraj College, Delhi…
Alexander Likhtman

PR director at EA Group Holding | ?? Founder of ITComms PR Agency | Helping Tech Brands in Central Asia Shine ?? |…

1 Assess the impact

The first step is to assess the impact of the crisis on your inventory levels, demand, and distribution channels. How much inventory do you have on hand, in transit, or on order? How much inventory do you need to meet the current and projected demand? How are your suppliers, warehouses, and retailers affected by the crisis? How can you communicate with them effectively? You need to have accurate and updated data to answer these questions and make informed decisions.

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Surabhi Agrawal

Senior Brand Marketing Manager | LinkedIn Top Voice | Gold Medalist IIM S | Marketing & Brand Management | Strategy and Growth Management | Ex. Unilever
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During a crisis, managing inventory efficiently is crucial. Start by assessing current stock levels and prioritizing essential items. Implement inventory tracking systems to monitor stock movement in real-time. Communicate with suppliers to ensure uninterrupted supply chains and negotiate flexible payment terms. Consider diversifying suppliers to mitigate risks. Optimize inventory levels by forecasting demand and adjusting reorder points accordingly. Finally, maintain open communication with customers to manage expectations and ensure timely deliveries. Flexibility and proactive planning are key to successful inventory management during a crisis.

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2 Prioritize your inventory

The next step is to prioritize your inventory based on the urgency, value, and availability of your products. You may need to segment your inventory into categories such as essential, non-essential, fast-moving, slow-moving, high-margin, low-margin, etc. You may also need to allocate your inventory to different markets, channels, or customers based on their needs and preferences. You need to balance your inventory priorities with your financial and operational goals.

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3 Adapt your inventory strategy

The third step is to adapt your inventory strategy to the changing situation. You may need to adjust your inventory levels, reorder points, safety stocks, lead times, or replenishment methods. You may also need to explore alternative sources of supply, transportation, or storage. You may also need to diversify your product portfolio, offer discounts, bundles, or substitutions, or launch new products or services. You need to be flexible and creative in your inventory strategy.

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4 Communicate with your stakeholders

The fourth step is to communicate with your stakeholders about your inventory situation and actions. You need to inform your customers, suppliers, employees, media, and regulators about your inventory availability, delivery status, product changes, or contingency plans. You need to be transparent, honest, and empathetic in your communication. You need to address their concerns, expectations, and feedback. You need to build trust and loyalty with your stakeholders.

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Alexander Likhtman

PR director at EA Group Holding | ?? Founder of ITComms PR Agency | Helping Tech Brands in Central Asia Shine ?? | Expert in PR, Personal Branding, and Marcom | Innovation and Growth |
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Asses stakeholder's fears and communicate keeping them in mind. Not just openly communicate what you have. Adjust it to what would comfort them. Audience by audience

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5 Monitor and evaluate your inventory performance

The fifth step is to monitor and evaluate your inventory performance during the crisis. You need to track your inventory metrics, such as turnover, accuracy, fill rate, shrinkage, or obsolescence. You need to compare your inventory performance with your pre-crisis and post-crisis benchmarks, as well as with your competitors and industry standards. You need to identify your inventory strengths, weaknesses, opportunities, and threats. You need to learn from your inventory experience and improve your inventory management.

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6 Prepare for the recovery

The sixth step is to prepare for the recovery after the crisis. You need to restore your inventory levels, quality, and efficiency. You need to review your inventory policies, procedures, and systems. You need to update your inventory forecasts, plans, and budgets. You need to recognize and reward your inventory team and partners. You need to share your inventory best practices and lessons learned. You need to be ready for the next crisis.

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7 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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Aniruddha Basu

Global Head- PR & Corporate Communications | Executive Program in Marketing, ISB | Alum Hansraj College, Delhi University
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Inventory Crisis occurs because the demand is low and outstrips supply or vice versa, or if there is a image crisis due to unforeseen circumstances. It's a situation which needs careful, coordinated PR handling! Its good to have a multi-year inventory strategy to tide over such scenarios. Keep a minimum level of inventory for your flagship products no matter what the demand fluctuations and keep communicating with and updating your stakeholders (consumers, buyers, clients, investors) to maintain transparency and assuage any concerns. Now is also a good time to "sell" your inventory with offers and promotional campaigns both on social media and offline channels. Beyond immediate inventory concerns, focus on long term reputation management.

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Michael Shayne Ryan

Servant Leadership. Passion. Diversity.
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Remain calm. Keep it organized and detailed. Teach others how to control inventory and delegate tasks. You can not do it alone.

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How can you manage inventory during a crisis?

1

2

3

4

5

6

7

1 Assess the impact

2 Prioritize your inventory

3 Adapt your inventory strategy

4 Communicate with your stakeholders

5 Monitor and evaluate your inventory performance

6 Prepare for the recovery

7 Here’s what else to consider

Public Relations

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How can you manage inventory during a crisis?

1

2

3

4

5

6

7

1 Assess the impact

2 Prioritize your inventory

3 Adapt your inventory strategy

4 Communicate with your stakeholders

5 Monitor and evaluate your inventory performance

6 Prepare for the recovery

7 Here’s what else to consider

Public Relations

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