Is your inventory manager in full control of inventory? Does he/she track and purchase inventory or evaluate suppliers? Well, the truth is far away from it. Sadly, the inventory manager ends up becoming the victim of his colleagues’ business decisions and plays a very limited role in formulating inventory results. Meanwhile, the vicious cycle of taking ruthless decisions of relentless inventory orders ends up becoming a huge stockpile of unnecessary items. It results in great loss ahead. In fact, majority of orders were given a go ahead because the supplier or the distributor gave them an offer they can’t refuse. So the collusion ultimately proved fatal to the company. In the end, inventory manager was given the blame.
But how was he/she even related or behind those vices? In reality, he/she was told to prepare those cumbersome spreadsheets which are seemingly impossible to comprehend. Naturally, he/she ends up losing the way.
The inventory manager is most important architect of supply chain. He/she should be given full freedom to tackle the problems.
He/she should have a dashboard which displays clarity of figures. The dashboard should be able to sense the current status, predict future trends and formulate what is required to do on a daily basis. The inventory management must acclimatize with technological advancements to get the better picture. The main issue is about predicting because the consumer trends are changing so fast. The predictive analytics should be able to crunch mind boggling data of stock in, stock out and excess stock to deliver a balanced inventory level.
However, the critical situation faced by retail behemoths globally sends clear signals that don’t mess up and get caught in your own web of troubles.
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