Inventory Management is Critical to Profitability and Competitive Edge

While managing inventory may seem like a mundane afterthought, CFOs need to recognize this task as a key part of a company’s overall business strategy. Inventory management should not be an afterthought. It is a critical element of a company’s business and should be considered early in the growth cycle and will need to adapt and change over time as the business matures. The term inventory management really describes the effective method of controlling objects and activities and ensuring that they get to the right place at the right time all within a cost parameter. Ultimately bad inventory management represents money that is being lost to a business as a result of excess inventory, or lack of inventory – which can result in lost customers.

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