Date Added: Jan 2010
Inventory management and forecasting are strategic issues. Companies that recognize this fact can typically provide higher levels of service to their customers and post higher profits. Developing a comprehensive inventory strategy involves a number of departments - including fulfillment, marketing, and merchandising - as well as inventory control. It also involves implementing inventory best practices. Successful strategic inventory management relies on tying creative and marketing plans to merchandising plans. Rather than planning items one promotion at a time, plan an item across promotions. Doing so enables you to plan receipts in line with promotions, reduce backorders, make minimum order requirements, and significantly reduce planning time.