For every business, it is important to make a flowchart for inventory management process. From there, the brands can take their inventory management practices to the levels they deem fit for their business operations.
The exact methods for inventory management can vary from business to business across different industries. The major steps for the process, however, remain the same. Here’s an infographic summarizing those steps. Take a look.
Inventory management is one of the most important activities for all businesses looking to grow and expand their operations across markets. It covers everything that you do to track and manage your business’s inventory as it is collected, stored, and distributed. The above infographic depicts only a small portion of what inventory management is about. We have detailed the A-Z of inventory management in our previous article covering all the terms, techniques, processes along with the essential KPIs to track.