Top Inventory Management Risks That Can Impact Your Business

Posted by admin on November 2, 2020  / 
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Inventory Management risks

If we are having inventory or warehouse, we need to overcome some of the inventory risks which can badly impact overall business profit, operation, etc, Reducing the risk of an inventory by stabilized/having a well-organized warehouse will reduce the carrying cost of inventory and stocks.

Some of the inventory risks to be focused on by every industrial specialist or warehouse professionals are.

  • Materials Forecasting based on the customer needs will help the industry to produce the correct amount of stocks at the correct time without out-of-stock or excess productions of stocks.
  • Short lifetime of the product is one of the major risks in inventory. Every tracking should include the shelf life of the products and how fast it needs to move out of the inventory.
  • Product damage, Poor maintenance or handling of products can result in damage of the products.
  • Bad suppliers’ contract includes the lead time, quality and quantity of the Products Etc.  Good Supplier reliability is most required in this.
  • Poor Inventory control system will lead to some more risks in inventory like product misplacing etc.
  • Overstocking – Overestimating the demand and piling up your warehouse is even worse than understocking. Industrial people have also stated that overstocking normally equates to loss.
  • Channel Inventory – Inventory partners of yours can return the slow-moving stocks back to you which leads to sudden flooding of the warehouse.

Goospares, a solution to your Problem

Fortunately, there are more inventory management and control systems available now to avoid errors in the future. Though, systems occur, still people end up with excess inventory all the time.

Most of these surplus stocks after some years will be disposed of as scrap for no profit or without any benefit.

To move those excess stocks out of your warehouse, Goospares came up with a solution.

Goospares have introduced different Liquidation models which give a lot of benefits for all types of manufacturing companies, industries, and every SMES. It helps to get rid of their excess inventory and make profits in different ways.

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