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Ordering and Procurement
Determining when and how much to reorder based on factors such as sales trends, lead times, and desired stock levels.
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Receiving and Inspection
Receiving and inspecting incoming inventory to verify quantities, quality, and accuracy against purchase orders.
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Storage and Organization
Allocating space and organizing inventory within warehouses or storage facilities for easy retrieval and efficient space utilization.
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Tracking and Monitoring
Implementing systems to monitor stock levels in real-time, enabling timely reordering and preventing stock outs or overstock situations.
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Inventory Classification
Categorizing inventory based on factors like demand, value, and turnover, to prioritize management efforts and strategies.
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Demand Forecasting
Predicting future demand for products to make informed decisions about inventory levels and ordering quantities.
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Stock Rotation
Managing the rotation of stock to minimize the risk of obsolete or expired items by using a "first in, first out" (FIFO) or similar method.
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Supplier Relationship Management
Building and maintaining effective relationships with suppliers to ensure timely and reliable deliveries.
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Cost Control
Balancing the costs associated with holding inventory (such as storage, insurance, and obsolescence) against the benefits of having sufficient stock to meet customer demand.
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Technology Integration
Utilizing inventory management software and technology to automate and streamline processes, improve accuracy, and enhance overall efficiency.
