Do you think your business is free of inventory? Think again. Inventory management applies to all businesses – retail; service and manufacturing. Too much stock affects your Profit. Alternatively, not enough stock will have the same affect when your customers go to competitors. Another area is Work in Progress. Too much stock sitting at any stages of your production line will tie up money. Then it will affect your Profit. Learn how to reduce the damage with inventory management and Local Optima. This will improve the efficiency of your production line. Are your costs too high? One way to reduce these costs is by reducing your inventory costs.
A good Inventory Management System can dramatically improve the profitability of the business by streamlining production. This applies to not only a manufacturing business but any business that has a workflow process.