6 Ways to Better Inventory Management
4. Create or expand a drop-ship program to reduce your costs and improve service. Build relationships with your vendors, and make sure they’re reliable. Monitor their performance weekly, recognizing good performance and requiring correction of poor performance.
5. Renegotiate terms with existing vendors. Request case pricing without case purchases. If your annual volume is substantial, most vendors will agree. It’ll allow you to use just-in-time management for slower moving items.
6. When possible (and ethical), use multiple vendors for the same products. This will prevent your vendor’s poor inventory management from becoming your problem.
Debra Ellis is president/founder of Wilson & Ellis Consulting, a management, marketing and operational solutions consulting firm. She can be reached at firstname.lastname@example.org.