Inventory Control — Supply Chain Mismanagement

Jennifer Heiner studied marketing at Lehigh University in Bethlehem. As a retail director with a New Jersey running company, Jennifer Heiner participates in various aspects of business development. Some of her specific responsibilities at the New Jersey sports outfit include hiring new associates and inventory control.

Inventory control or management involves utilizing your business storage space efficiently. The process involves ordering, stocking, distributing, or using a business’s products or materials in an orderly way.

Here are three inventory control tips: 1. Prioritize your inventory Categorize inventory into priority groups. This will help you understand which group of products you need to order more frequently and which move more slowly, though they are important to your activities. 2. Leverage technology While it is easier to store your supplies wherever it fits, this can complicate inventory tracking. Look for intuitive inventory software that another person can operate if something happens to your key personnel. 3. Implement supply chain management If your supply chain is not well organized, no inventory control measures can help you.

Supply chain management optimizes and monitors relationships with your materials providers, shipping agents, and any other parties that have a role to play in your business inventory lifecycle. Right now, so many industries are experiencing disruptions in their supply chains, leading to items being out of stock for inordinate amounts of time, and long lead times for custom items due to the inability to access raw materials.

Many articles have been written about this issue as of late. Check out some of them here:

2022: Supply chains will face many challenges this year | World Economic Forum (weforum.org)

More supply chain trouble could be on the horizon — Marketplace

Coping with Global Supply Chain Hurdles in 2022 — Oneindia News