(MENAFN- PR Newswire) SpendEdge Highlights Top Inventory Management Techniques
NEW YORK, Sept. 1, 2023 /PRNewswire/ --
SpendEdge , a global leader in procurement market intelligence space recently highlighted the top inventory management techniques that are most used globally.
In the resource, the market intelligence leader focused on the importance of managing inventory to ensure a smooth flow of products. Every business must manage its inventory by carefully determining the inventory levels. There are a number of techniques available, some of them are highlighted in the article.
Game-Changing Benefits:
The experts at SpendEdge have shared the 4 best inventory management techniques:
FIFO strategy: Practicing FIFO is also a good idea for non-perishable products. If the same boxes keep on sitting at the back, they become obsolete. Determine inventory levels: Setting par levels make it easier for companies to manage inventory. Par levels are the minimum number of products that companies need to have at any point in time. Effective contingency planning: Companies face a lot of issues such as sales spike and
cashflow shortfall while managing inventory. Perform regular auditing: Regular reconciliation is one of the key inventory management techniques that help companies keep a check on products in the stock. Read the full resource: Click here!
About SpendEdge:
SpendEdge
is a global leader in procurement market intelligence space acts as strategic partner to over 200 global procurement organizations delivering insights on category landscape, supplier identification, negotiation strategies, price benchmarking, cost modeling, sustainability practices, and more.
Over the past 2 decades, SpendEdge has worked with procurement organizations across regions, of varying sizes and belonging to several industries. They have helped their clients solve procurement problems of varying complexities. Going above and beyond, the organization heads to the best possible extent using different methodologies to deliver timely and actionable recommendations to support decision making.
SOURCE SpendEdge
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