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1. Keep A Track Of Your Supplies By
Appointing An Inventory Planner
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2. Any organization who deals in producing, selling and trading of products, must
have a huge stack of inventory forms.
For example, organizations dealing in furniture production may hold inventory of
raw materials, spare parts, and finished goods.
To keep track of their inventory plans, it is must for the organization to have an
inventory planner. They perform specific tasks like:
• Manage and maintain current inventory.
• Identify and resolve discrepancies in inventory.
• Track shipments to make sure they are complete, correct, and on time.
• Predict future inventory needs.
Such tasks performed by the professional can help the organization in many ways.
Here are the benefits of employing inventory planner:
Determine the amount of inventory for order.
Budding businesses need the right amount of inventory to survive. If they order
too little, then you risk stocking out which can damage your credibility in front of
your customers and harm your brand.
If you order too much and you can wind up with hundreds of thousands or even
millions of dollars of wasted inventory. The capital you invested may cripple you
from investing in other critical business initiatives like products that are selling
well or marketing to attract new customers.
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3. Inventory planners do a complex optimization exercise monthly, quarterly and
even weekly to make sure that the right amount of inventory across all products
has been ordered.
Determine the arrival of inventory.
Role of inventory planner is not just to order inventory, but also to make sure that
it arrives on time.
It is the duty of the planner to optimize the schedule of the inventory so that the
investment is not wasted. If a company has a six-month lead time, then
discovering that more inventory is needed the week before isn’t helpful and vice
versa.
It is essential that inventory planning is effective to sort out the problems without
any hassle.
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4. Align with sales and marketing.
Marketing and sales are the driving force of business. Inventory planners must
collaborate with marketing and sales to make sure that there is the right amount
of product to support and prepare for the big wins expected to come from these
initiatives.
If you are intrigued with responsible task of inventory planner and want to see
yourself as the same, just contact the Toronto International Business College
which is one of the best community colleges in Canada and has the perfect
course for you. Business administration in international trading is the best course
for you to fulfill your dream of becoming an inventory planner.
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