Key Benefits of Inventory Planning

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Key Benefits of Inventory Planning
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Inventory Planning
Inventory planning is an important aspect of
supply chain management. It often involves
inventory management software and is often used
by businesses with a complex inventory
structure. Inventory planning helps you use
powerful simulation capabilities to satisfy
demand cost-effectivelywhether youre using a
Make-to-Stock (MTS) or lean inventory model.
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Benefits of Inventory Planning
Improved Cash Flow
Inventory planning allows handling goods that are
works in progress or obsolete, allowing them to
better forecast incomes.
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Higher Profits
Improving inventory planning allows for the
company to decrease overall costs of production
and earn higher profits.
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Loss Prevention
With proper inventory planning, there is a
disincentive to steal as each parcel movement is
tracked.
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Business Intelligence
Inventory planning software allows the firm to
gain insight into what products are selling more
than others.
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Maximize Profit Margins
Along with increasing overall profits, inventory
planning could help discover inefficiencies,
particularly with work-in-progress items.
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Reduce Labor Costs
Proper inventory planning can decrease costs
associated with counting, management, and
transportation of inventory in any stage.
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Improved Delivery Performance
Inventory planning allows for overall delivery
performance to improve, allowing for customers to
have lower lead times and a better experience
overall.
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In Summary
Inventory planning has many benefits that make
the process worthwhile. Inventory planning
software can make the entire process easier by
making the measurement of important KPIs a more
trivial part of the process. This allows for the
company to spend their resources on analyzing the
data.
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