![]() ![]() One of the main costs associated with holding excess stock is holding costs, including rent, utilities, and insurance. Poor inventory management can result in higher costs, reduced profitability, and even bankruptcy. Stand out from the competition and build a loyal customer base by making sure customers get your products when they want them. ![]() It also helps businesses respond quickly to customer inquiries about product availability and delivery times, improving customer satisfaction and loyalty. ![]() This reduces the likelihood of backorders or delayed deliveries. Better customer serviceĮffective inventory management improves customer service by making sure businesses have the right SKUs (stock keeping units) in stock to meet customer demand. For example, a manufacturing plant may hold a buffer stock of raw materials to avoid low inventory levels and send a steady supply to the production line.Įffective inventory control can help your business in many ways.
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