Experienced Leader in Inventory Management & Merchandising | Skilled in Strategic Planning, Financial Modeling, SQL, Data Analysis, Business Intelligence, Process Improvement, and Building Cross-Functional Partnerships.
𝐇𝐚𝐯𝐞 𝐲𝐨𝐮 𝐞𝐯𝐞𝐫 𝐛𝐞𝐞𝐧 𝐝𝐢𝐬𝐚𝐩𝐩𝐨𝐢𝐧𝐭𝐞𝐝 𝐛𝐲 𝐚𝐧 𝐞𝐦𝐩𝐭𝐲 𝐬𝐡𝐞𝐥𝐟 𝐰𝐡𝐞𝐧 𝐭𝐫𝐲𝐢𝐧𝐠 𝐭𝐨 𝐝𝐨 𝐲𝐨𝐮𝐫 𝐬𝐡𝐨𝐩𝐩𝐢𝐧𝐠 𝐚𝐧𝐝 𝐰𝐨𝐧𝐝𝐞𝐫𝐞𝐝 𝐰𝐡𝐲 𝐭𝐡𝐞𝐲 𝐝𝐢𝐝𝐧’𝐭 𝐣𝐮𝐬𝐭 𝐬𝐭𝐨𝐜𝐤 𝐮𝐩 𝐦𝐨𝐫𝐞? 🤔 It seems like the simplest solution. However, consider this: when it was in stock, why didn’t you just buy a whole lot to ensure you wouldn’t run out? Well, you have a limited amount of money, so if you bought a year’s worth of toilet paper, you might not have enough money for other things that month. 𝑌𝑜𝑢 ℎ𝑎𝑣𝑒 𝑤𝑜𝑟𝑘𝑖𝑛𝑔 𝑐𝑎𝑝𝑖𝑡𝑎𝑙 𝑐𝑜𝑛𝑠𝑡𝑟𝑎𝑖𝑛𝑡𝑠. These are the same issues that anyone in inventory management deals with. For those not in inventory management, Inc. Magazine posted a helpful article on the fundamentals. As a Director of Inventory Management, these strategies are part of my daily toolkit. Whether you are starting a small business that deals in goods or wanting to work at an established company, these basics apply to everyone. The bigger the company, the more nuanced and complex it gets, but the basics remain the same. 𝐈𝐧𝐯𝐞𝐧𝐭𝐨𝐫𝐲 𝐬𝐮𝐫𝐩𝐥𝐮𝐬 𝐢𝐬𝐧'𝐭 𝐣𝐮𝐬𝐭 𝐚 𝐬𝐭𝐨𝐫𝐚𝐠𝐞 𝐢𝐬𝐬𝐮𝐞; 𝐢𝐭'𝐬 𝐚 𝐛𝐨𝐭𝐭𝐨𝐦-𝐥𝐢𝐧𝐞 𝐤𝐢𝐥𝐥𝐞𝐫. In today's fast-paced market, effectively managing inventory is more crucial than ever for growth and profitability. Here are 𝟓 𝐬𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐞𝐬 to tackle surplus and streamline your inventory: 1. 𝐃𝐞𝐦𝐚𝐧𝐝 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭𝐢𝐧𝐠 & 𝐝𝐚𝐭𝐚 𝐚𝐧𝐚𝐥𝐲𝐭𝐢𝐜𝐬 Accurate predictions are key and at the crux of inventory management. It’s no wonder that countless models exist, numerous software solutions are offered, and many companies are looking to AI for further insights. 𝟐. 𝐉𝐮𝐬𝐭-𝐢𝐧-𝐭𝐢𝐦𝐞 (𝐉𝐈𝐓) 𝐢𝐧𝐯𝐞𝐧𝐭𝐨𝐫𝐲 𝐦𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 Reduce holding costs by aligning stock levels with sales data. JIT isn’t for everyone, but when done right, it’s a game-changer. 𝟑. 𝐂𝐨𝐧𝐭𝐢𝐧𝐮𝐨𝐮𝐬 𝐢𝐧𝐯𝐞𝐧𝐭𝐨𝐫𝐲 𝐦𝐨𝐧𝐢𝐭𝐨𝐫𝐢𝐧𝐠 Real-time tracking tech ensures you maintain the right balance, preventing overstock and stockouts while enhancing order fulfillment. 𝟒. 𝐒𝐞𝐚𝐬𝐨𝐧𝐚𝐥 𝐩𝐥𝐚𝐧𝐧𝐢𝐧𝐠 Analyze past sales to anticipate demand spikes. Timing your orders can prevent cash flow issues and stock delays. 𝟓. 𝐃𝐫𝐨𝐩𝐬𝐡𝐢𝐩𝐩𝐢𝐧𝐠 Bypass storage needs entirely. Partner with reliable suppliers to ship directly to customers, cutting down on surplus risks. Curious about how these tactics could transform your operations? Have you faced inventory surplus challenges in your business? #InventoryManagement #SupplyChain #Ecommerce #AIInBusiness #Dropshipping https://lnkd.in/g6MwqaxH
