KPI analysis is important for all businesses as they remain at the forefront of decision making. A business must have clear objectives that are communicated across the organization for monitoring the company's growth on every level. KPIs in inventory management can help in improving the purchasing process, production, monetary flow, and overall profitability. Here are some of the essential KPIs for inventory management that should be measured on a regular basis.
Brands can compare their KPIs against the industry standards and keep ahead of their competitors. However, external KPIs are not always available for comparison and in that case, businesses can set their own KPIs and keep track of them to ensure growth.
Check out the A-Z of inventory management to know more about the process, terms, techniques, and key metrics.
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