You have a system in place but regular check on the inventory management with certain performance measures that matters most to your business makes you keep away from risks or future failures

1. Inventory Management
Do's &
Don't

2. Tracking your Inventory
Regular counting of the inventory, update of stock location,
received date and other data in a reliable manner make your
inventory management work flawless.
Do'
s

3. Measureperformance
You have a system in place but regular check on the inventory
management with certain performance measures that matters
most to your business makes you keep away from risks or
future failures.
Do'
s

4. Necessary Process alignments
Sales and Operations run parallelly and should have the desired
sync to keep the business process going and growing. The
demand and supply mechanism should be taken to account on
all levels to avoid under-stock and over-stock of items.
Do'
s

5. Stocking on pre-assumptions
You may save millions buying a stock at lower prices and may
lose much more on holding the same waiting for demand.
Nothing can be on assumptions, demand forecast has to be as
close to right as possible and the decisions have to be completely
data-driven.
Don't
s

6. Unplanned discarding of excess
inventory
You need to have a clear vision on deciding what to discontinue
and what to keep and how it's going to help you save from the
financial hits. Finally, create rules for what you will do with aging
or excess inventory. Proper planning may help you classify the
Don't
s