How do you collaborate with suppliers to ensure timely restocking after an audit?
Inventory management is a critical skill that ensures businesses maintain the right balance of stock to meet customer demand without overstocking, which can lead to increased costs and waste. After conducting an inventory audit, it's essential to collaborate with your suppliers to ensure timely restocking. This process involves clear communication, understanding lead times, leveraging technology, maintaining relationships, and planning for contingencies. By mastering these steps, you can ensure your inventory levels are optimized and your business is prepared to meet the ever-changing demands of the marketplace.