Your supply chain just hit a major snag. How do you prioritize your inventory tasks?
When your supply chain faces disruptions, prioritizing inventory tasks becomes crucial to maintaining operations. Here's how to tackle the challenge:
- Assess current inventory: Identify high-demand and critical items that need immediate attention to avoid stockouts.
- Communicate with stakeholders: Keep open lines with suppliers, customers, and internal teams to manage expectations and find alternative solutions.
- Streamline processes: Automate and delegate tasks to ensure smooth and efficient handling of inventory.
How do you manage inventory during supply chain disruptions? Share your strategies.
Your supply chain just hit a major snag. How do you prioritize your inventory tasks?
When your supply chain faces disruptions, prioritizing inventory tasks becomes crucial to maintaining operations. Here's how to tackle the challenge:
- Assess current inventory: Identify high-demand and critical items that need immediate attention to avoid stockouts.
- Communicate with stakeholders: Keep open lines with suppliers, customers, and internal teams to manage expectations and find alternative solutions.
- Streamline processes: Automate and delegate tasks to ensure smooth and efficient handling of inventory.
How do you manage inventory during supply chain disruptions? Share your strategies.
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Case 1: Assortment; It is very important to have parent/child categories for products that might sell in fractions as well hence assortment level strategies are necessary. Case 2: Movement; LIFO or FIFO strategies are crucial based on the products. there are products that go in first and come out first like expiry/deteriorating potency items. But on the contrary things that may incur losses based on historical price LIFO is suggested that newer stock/variants that may be bought for less should be cleared first in case of a price fall on commodity. older stock may be sold with some sort of value addition. Case 3: Shortage For each of the products minimum inventory order levels should be set.
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