Inventory is an important asset on your balance sheet. Discover how to set key performance targets, measure and monitor to ensure you have the right amount of inventory on-hand to meet supply and demand and improve business cash flow.
- Five questions to analyze your inventory management practices
- The connection between inventory, sales and profits
- Symptoms of poor inventory management
- Six key performance indicators (KPIs) to reduce costs, boost productivity and improve cash flow
- How to create an inventory performance dashboard
Identify gaps in inventory management
Assess your current inventory management processes to diagnose wasteful practices and build a foundation for improvement.
Create an action plan
Set targets by putting in place key performance indicators (KPIs) to continuously monitor and improve inventory turnover and accuracy, optimize warehouse space and order fulfillment, cut costs and shorten your cash flow cycle.
Monitor for continuous improvement
Establish a KPI dashboard to continuously track inventory management practices and keep everyone in your business working toward a leaner organization.