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Inventory management: Past, present, and future.
How inventory management has changed over the years
Retailers of all kinds, including those who sell strictly through online channels, have to take the issue of inventory management seriously. This is because it is the process by which a company maintains the optimum number of each product or item. This is not as easy as it might sound, and can be a “make or break” factor in any enterprise.
When we say the optimum number of any given items, we mean that it is not just a matter of “how many we need in order to meet customer demand”. In most cases, it is also a matter of “how many can we afford to buy and allow to gather dust on the shelves if they don’t sell” too.
Consider what one source says: “The objective of inventory management is to provide uninterrupted production, sales, and/or customer-service levels at the minimum cost. Since for many companies, inventory is the largest item in the current assets category, inventory problems can and do contribute to losses or even business failures.”
Inventory management software is proving a bliss for online retailers to get rid of all these problems.
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