Month: April 2022

And here are some actionable tips that might help improve the inventory turnover ratio by boosting your sales and avoiding excess inventory. A business with a higher inventory turnover ratio is likely to react better to the demand, have lower carrying costs per item, and gain more revenue than that with a low inventory turnover. When combined with an ERP system, inventory management software can help in streamlining your supply chain, SKU assignment and management, automated purchase orders and other functions and features. That will reduce errors, add efficiencies, give you more control, increase customer satisfaction and generally make your company more profitable. It’s important to know what that stock segment is so you can keep plenty of inventory on hand. Is the purchasing strategy no longer working and inventory…