Inventory Management: Focus on the Fundamentals
Follow through and act on what you know; then take it from there
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Ray Goodman
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- Know what products you need to have on hand, when you need them and the true costs of acquiring them.
- Set budgets, and check routinely, at least monthly, if not weekly, to be sure spending is within these budget limits.
- Focus on the products that need your attention most, using hot lists and exception reports so you’re not wasting time on those that don’t require intervention.
- Shorten reaction times to eliminate costly delays in availability and delivery.
- Simplify metrics, and regularly measure performance against them.
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