How do you keep your inventory management skills sharp?

That is all great information. I would also recommend finding somebody you trust, respect, and knowledgeable in your field to mentor you. That way you can get one on one training and not searching for hours trying to find insight of what you might be seeking.

One of the most important considerations is the terms that you have with your suppliers and the frequency of delivery. If one has 15-day terms and 7 days between guaranteed delivery then inventory should almost always be close to 7 days supply. More or less depending upon peak sales or usage of each item. The ability to turn inventory in a shorter time than payment of the suppliers will make your accountants giggle with happiness.

-Use technology: Technology can help you automate and streamline many inventory management tasks, such as tracking inventory levels, forecasting demand, and monitoring supplier performance. -Analyze data: Analyzing your inventory data can help you identify trends, patterns. -Collaborate with other departments: Inventory management is often closely linked to other business functions, such as procurement, production, sales, and customer service. -Continuously improve processes: Inventory management is an ongoing process that requires continuous improvement. By regularly reviewing your processes, identifying bottlenecks. -Develop soft skills: Inventory management also requires strong communication, leadership, and problem-solving skills.

One key to successful inventory management and control, never assume that the individual tending to the inventory is in control of it. I was an Asst. Manager with a leading Pharmacy company for several years. My main responsibilities was the ordering, stockroom, receiving the company truck, and merchandising regular and new products. Most companies have a "none, one, and tons" mentality. But even though I made sure three times a week on the product count, the next order scanning, some item were off again. My thoughts on why, the cashier would enter quantity instead of scanning each item. Whose to say they entered the right quantity? Just thinking of all my years in retail.

One thing I've found helpful is to have an exit strategy for how you are going to get rid of product once promotions are over. Having the "go big" mindset is good as long as you know what your plan is after. Planning ahead, knowing your delivery schedules, will help with ordering the proper amount of product. Comparing reports to year prior reports is also helpful. Making sure correct units of measurement are being used when ordering items. So many different factors play into inventory control.

One thing of importance that I've found helpful with inventory management software is the level of training and technical support that the companies provide in addition to the named features. Depending on the size of your inventory, companies should be willing to come on site to assist with integration and/or implementation to ensure your company gets off on a great start.

Using right tool means 'who and How do do you choose the right tools'. Team with Continuous process improvement is recommended customised to relevant industry.

Once the KPIs are set, it is very important to understand & evaluate the data sources, its completeness, accuracy & consistent availability. You need to set realistic target based on constraints & aspirations and then track the same over defined period of time and see if it is improving based on the actions taken. Identify if there are any bottleneck processes which needs to be addressed & solicit support where you need to set a project to improve the processes

Building and measuring product life cycle will give ways and means to manage better. Above mentioned KPI are correct. However both the inbound and outbound parties should have one dashboard interms of data resources for decisions and tuneup.

Experimenting within a real-world environment could be expensive. However, experimenting with different ideas and approaches in a risk-free virtual environment via the use of simulation modelling tools is possible. These tools provide many advantages including cost-effectiveness, flexibility, performance insights and visualisation.

Experimenting with different approaches for optimizing the inventory using simulation tools can help to evaluate the various scenarios. Few tools from my experience which I have used - AnyLogic, Supply Chain Guru, ProModel, & Arena. Organizations should consider factors such as ease of use, flexibility, the specific features related to inventory management, and the level of detail required before selecting the simulation tool. There are many other tools which offer trial versions or free versions with limited capabilities, to explore their suitability for the specific needs on simulation. Trial versions can help in making right decision to buy license for these tools

Correct, Continuous constructive criticism will develop and boost the aims. Further competitive analysis also will make sense of processes and growth opportunities in the industry. Can be further discuss..

Continuous improvement is the name of the game. Technology is advancing at such a rapid pace so it's imperative that individuals, as well as organizations, stay up to day and continue to learn new skills and unlearn the ways of managing inventory that may no longer suit business needs.

Monitor your transitional locations for items that are stagnating for excessive periods of time. Have a Dashboard set up to monitor those slots that have inventory aging for over a week.

Consider not getting hung up on item cost by looking into total cost by reviewing Time, Space & Cost. Recently I’ve been seeing more customers receptive to standardizing to one all encompassing spec as opposed to having multiple specs taking up additional space and time to maintain and replenish. Case in point, having a Grade 8 fastener standard as opposed to having Grade 2 , Grade 5 and Grade 8 or more. This one change for a slightly more expensive item reduces time and space by 2/3 as well as increasing maintenance reliability.

This is a vast area. Therefore to initiate we need to measure and understand where we are, what are our target and formalise mechanisms to get it there.

The human psychology of the workforce that moves the inventory is key. I agree that technology upkeep, looking at trends and patterns is great. However, to truly learn and keep developing is to also learn about the human psychology in which employees move that inventory. I was the Inventory Manager for the top furniture leasing company in the country. One piece of furniture was moved and scanned at least 8 times, from the rack in the warehouse to the customer and back on the rack in the warehouse. I spent time with employees to understand how they interacted with the furniture, alongside looking at my ERP and Excel daily reports to get to know individual behavior and train them on how they could help better manage inventory as a team.

Know what your competitor is offering by visiting their websites and/or secret shopping their retail locations. You may find that they offer a product or service that you haven't considered. Also, you can gain marketing ideas or even discover weakness of your competitors that you weren't aware of.