Managing your inventory levels goes hand in hand with forecasting. By properly planning, forecasting, and effectively managing inventory levels, you can avoid overordering or underordering products and meet market demand consistently. Inaccurate estimates can result in higher costs, including excess inventory and delays, while also impacting trust with trading partners and customers.
Poor management of inventory can lead to overstock or "dead" inventory. This is inventory that is deemed unsellable and often causes a business to take a loss and liquidate unwanted products. Excess inventory often results in less available operating revenue.
Learn more about best practices in inventory management