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Inventory management is all about having the right items on hand at the right time to meet customer demand while controlling costs and minimizing waste and loss. Companies with best-in-class inventory management practices don’t guess how much stock to buy, and they keep a steady flow of raw materials, work-in-progress items and finished goods moving from manufacturing to consumer, over a variety of distribution channels.
But no one stays best in class by resting on their laurels. Companies need to stay on top of trends in inventory management, understand the drivers behind them and determine whether it makes sense to be an early adopter — or let someone else work out the bugs.
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