Having the right product at the right place at the right time drives sales, making it absolutely crucial to use all of the information at your disposal to make stock-keeping decisions. When you’re not selling merchandise, you’re losing money. Whether it’s in the form of a missed opportunity, when a customer goes elsewhere to find a product you don’t have in stock, or a simple drain on your operating budget, as you pay to hold merchandise that isn’t moving out the door, you’re losing money and potential sales.
In short, proper inventory management allows you to run your business in the most effective and profitable way possible. Inventory is your store’s number one asset and expense. A successful inventory process maximizes this investment and aims to account for every penny of your investment. There are three fundamental areas of inventory process: Receive, Fulfill and Audit.