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1. Inventory Planning

Define inventory turnover goals.

Analyze historical sales data.

Forecast demand for upcoming periods.

Identify seasonal trends in sales.

2. Inventory Categorization

Classify inventory into categories (e.g., fast-moving, slow-moving).

Use ABC analysis to prioritize inventory management efforts.

Label products clearly for easy identification.

3. Stock Level Management

Set minimum and maximum stock levels for each product.

Implement reorder points to trigger restocking.

Monitor lead times from suppliers to adjust reorder schedules.

4. Inventory Tracking

Choose an inventory management system (IMS) or software.

Implement barcoding or RFID systems for real-time tracking.

Regularly update inventory records with stock movements.

5. Inventory Audits

Schedule regular physical inventory counts (monthly, quarterly).

Conduct cycle counting for high-value items.

Reconcile discrepancies between physical counts and system records.

6. Supplier Management

Evaluate and maintain relationships with suppliers.

Compare supplier performance (lead times, quality, cost).

Negotiate terms and pricing for better rates.

7. Stock Disposal

Identify slow-moving or obsolete stock.

Develop a plan for clearance (discounts, bundles, donations).

Assess the financial impact of holding excess inventory.

8. Performance Analysis

Review inventory turnover rates regularly.

Analyze carrying costs and their impact on profitability.

Adjust inventory strategies based on performance metrics.

9. Technology Integration

Ensure IMS integrates with e-commerce platforms.

Utilize analytics tools for inventory insights.

Explore automation options for replenishment and reporting.

10. Staff Training

Train staff on inventory management best practices.

Provide training on using inventory management tools.

Foster a culture of accountability in inventory handling.

11. Customer Satisfaction

Monitor stock availability and backorder rates.

Communicate transparently with customers about inventory status.

Use customer feedback to refine inventory offerings.

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