Good inventory management means you need to have the right amount of product, at the right time, at the right place and at the right price.
Sounds Easy Right!!! Actually it's a really complicated balancing act.
Getting the right:-
- amount of product is crucial, you need to be able to balance your customer's demand with the inventory being order. It shouldn't be too little neither too much.
- price for inventory means maintaining your costs and price to reducing cost and maintaining an affordable price.
- time means don't keep your customer's waiting on a product they will loose their loyalty to you.
As complicated as it sounds doing it manually or traditionally might be more tiresome job. You need more advanced techniques in organizing your inventories.