If inventory is not properly tracked, it can lead to several issues. These include overstocking or understocking, which can result in lost sales and increased storage costs. It can also lead to inaccurate financial reports, as inventory is a significant part of a company's assets. Additionally, it can cause issues with order fulfillment, as you may not have the necessary stock to meet customer demand. Finally, it can lead to theft, damage, or decay of products going unnoticed, leading to further financial losses.
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Improve your distribution network – this can be done through a holistic approach or a cluster view. "In a holistic approach, you review essential parts in your distribution network and try to figure out how the parts work in sync," the experts say. Monitor cash flows – cash flow control is an important tool that various organizations use to improve supplier management. It is crucial to monitor payment terms and conditions with several groups within the supply chain and come up with an efficient plan to understand the technology used for monetary transfers. Establish information conduits – ensure data is distributed promptly and properly to pertinent recipients, so you can establish proper information channels. Track your inventory – employ tracking software or internal spreadsheets to monitor the whereabouts of your inventory. This will help you to know how much of your product you have, how much you need, as well as if there is any damage, decay or theft. Other things to keep in mind ...