{"id":42745,"date":"2021-05-28T15:13:00","date_gmt":"2021-05-28T15:13:00","guid":{"rendered":"http:\/\/sticky-highjinx.flywheelsites.com\/?p=42745"},"modified":"2025-03-04T02:49:37","modified_gmt":"2025-03-04T07:49:37","slug":"how-to-make-the-most-of-your-inventory-ensuring-inventory-management-success","status":"publish","type":"post","link":"https:\/\/envistacorp.techyscouts.dev\/en-au\/2021\/05\/28\/how-to-make-the-most-of-your-inventory-ensuring-inventory-management-success\/","title":{"rendered":"How to Make the Most of Your Inventory"},"content":{"rendered":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>\n

Inventory ties up the largest amount of working capital for most omnichannel organisations and typically represents one of the largest costs of goods sold. Thus, it presents a strategic opportunity for retailers to make business improvements that drive significant and far-reaching results across the organisation.<\/p>\n\n\n\n

When an organisation has inventory optimised<\/a>, out-of-stocks and excessively slow-moving inventory are minimized, which means markdowns are reduced, carrying costs are minimized, fulfilment speed increases and gross profit margins (GMROI) are preserved. Understanding and driving key metrics is required to ensure the transparent and measurable communication of the current situation and budget targets.<\/p>\n\n\n\t\t

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White Paper<\/div>\n\t\t\t\t
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\n\t\t\t\n\t\t\t\t12 Dirty Little Secrets Retailers and Manufacturers Need to Know About Inventory Optimization\t\t\t<\/a>\n\t\t<\/h3>\n\t\t\t\t
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Get the low-down on the secrets retailers and manufacturers need to know about inventory optimization. <\/p>\n\t\t<\/div>\n\t\t\n\t\t\n\t\t\tDownload\t\t<\/a>\n\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/article>\n\t\t\t\t<\/div>\n\t\t\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t\n\n\n\n

Key Performance Indicators (KPIs) Foster Inventory Optimization<\/h2>\n\n\n\n

A good first step to measuring inventory success is developing joint key performance indicators (KPIs) that can be used across departments and ensuring that the definitions of these KPIs are aligned and understood by all stakeholders. This enables the organisation to align actions with common goals, and by speaking the same language, creating a \u201csingle version of the truth\u201d to ensure a smoother planning process. The top key metrics utilized by respondents in the 2021 Inventory Optimization Survey include inventory turns (41 percent), financial targets (40 percent) and inventory holding and carrying costs (35 percent).<\/p>\n\n\n\n

\"KPIs\"<\/figure><\/div>\n\n\n\n

The ability to successfully manage inventory significantly impacts profitability, especially where order profitability and gross margin return on inventory investment (GMROI) are concerned. It also influences an organisation\u2019s ability to invest and grow in other areas.<\/p>\n\n\n\n

For inventory management<\/a> to be successful, omnichannel organisations must optimise and integrate the organisation\u2019s network, people (organisation), processes and technology involved in buying, selling and distributing inventory to customers \u2013 from supplier to end customer \u2013 across physical and digital commerce and drive towards common goals. This is often achieved using a unified commerce platform<\/a>. <\/p>\n\n\n\n

For more information on managing your inventory successfully, download enVista\u2019s 2021 Inventory Optimization Survey<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Inventory significantly impacts profitability, making it vital to maximize inventory management. Learn how to ensure success, starting with developing KPIs.<\/p>\n","protected":false},"author":22,"featured_media":64024,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","_searchwp_excluded":"","footnotes":"","_links_to":"","_links_to_target":""},"categories":[3475],"tags":[3608,3540,3514],"class_list":["post-42745","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-fulfillment","tag-inventory-management","tag-commerce"],"acf":[],"yoast_head":"\nHow to Make the Most of Your Inventory Management | enVista<\/title>\n<meta name=\"description\" content=\"Inventory significantly impacts profitability, making it vital to maximize inventory management. 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