Answer to Question #242267 in Management for Danny

Question

Based on your understanding of inventory management provide a motived opinion on the holding of inventory by organisations in fast moving consumer goods industry

Answer 1

A decent framework will assist you with monitoring your stock and deal a brought together perspective on stock across deals channels – what amount is available, and where. It will likewise permit allotting stock to explicit deals channels, which is significant in the event that you have stockrooms and circulation focuses at various areas, along these lines, empowering distribution center administration. 

2. Control Your Costs 

Keeping reports about your stock assists you with getting what stocks are progressing admirably, versus which are simply occupying rack room. Absence of the ideal stock at the ideal time can mean rainchecks, overabundance stock, and so forth These drive up costs. 

3. Work on Your Delivery 

Late conveyance because of stock-outs will undoubtedly give you an awful standing. For following, you should know when the merchant is delivering stock and when it will show up. This assists you with overseeing client assumptions by conveyance as, when and where they need. 

4. Oversee Planning and Forecasting 

The product can assist you with further developing interest guaging by examining information patterns from well-performing stocks. This limits your holding and taking care of expenses, further develops incomes and opens up incomes. Additionally, by arranging and anticipating – you follow through on client assumptions better. 

5. Lessen the Time for Managing Inventory 

With a decent stock administration arrangement, you can lessen the time taken to monitor every one of the items you have available and on hand. Also, you save the time taken up in stock describes if your records are set up.