WHAT ARE THE VARIOUS METHODS TO REDUCE INVENTORY?
IN OUR COMPANY WE ARE HOLDING A LOT OF DEAD STOCK, KINDLY
GUIDE/SUGGEST ME HOW TO GO ABOUT IT?
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Answer Posted / Ravi Shankar Sharma
To reduce inventory and manage dead stock effectively, consider the following methods:
1. Just-in-Time (JIT) Inventory Management: order only what is needed when it's needed.
2. Demand Forecasting: use historical data to predict future demand and adjust inventory levels accordingly.
3. Vendor Managed Inventory (VMI): allow suppliers to manage your inventory levels.
4. ABC Analysis: categorize items based on their importance (A for high-value, frequent items, B for medium-value, less frequent items, and C for low-value, infrequent items) and manage each category accordingly.
5. Dropshipping: minimize the need to hold inventory by partnering with suppliers who ship products directly to customers.
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