If you are in retail, please do this today!
If you require help, or something is not clear, please DM me.
I can even run this meeting for you!
But, please do this.
Building Alignment is the most important step.
If you are in Retail, just do this to significantly improve your inventory turns
(and it’s not what you think)
It will take 1 hour and will save you 100s of hours.
To improve 10x your inventory management for your company, you
– DON’T need to change your team
– DON’T need to get a consultant
– DON’T need to invest in a shiny new technology
Do this instead:
1️⃣ Get
• Merchandise planning,
• Finance, and
• Operations
to agree on
• WHAT are the SPECIFIC objectives of inventory management.
2️⃣ Agree on how you will measure the right balance between
• Carrying sufficient inventory to meet customer demand, and
• Minimizing inventory holding costs.
3️⃣ 𝗗𝗶𝘀𝗰𝘂𝘀𝘀 𝘀𝗲𝗮𝘀𝗼𝗻𝗮𝗹 𝘃𝗮𝗿𝗶𝗮𝘁𝗶𝗼𝗻𝘀:
Align each team’s objectives with seasonal demand patterns to avoid stockouts or excessive inventory.
4️⃣ Each channel (brick-and-mortar, e-commerce, wholesale) may have different inventory requirements and objectives.
Understanding the unique characteristics and demands of each channel.
Define inventory objectives that align with the specific needs of each sales channel.
5️⃣ Your understanding WILL change over time.
Schedule regular meetings to establish a shared agreement on inventory objectives.