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How to Implement Effective Inventory Management Procedures | Process Street | Process & Project Management Software

📦 As a physical product business owner, mastering inventory management is crucial. One of the most effective strategies is negotiating better rates with suppliers and making bold decisions about your product line. Approach your suppliers to negotiate lower rates, thereby reducing your inventory costs. You should be applying the 80-20 rule – 20% of your products likely produce 80% of your results. Identify and focus on these high performers, because 80% of your products might be underperforming

Inventory Management: Definition, How It Works, Methods & Examples