Are you keeping close tabs on your inventory management practices? Improving just one aspect of your inventory can lead to improved service, margins and cash flow.

Inventory management remains a timeless and vital topic for success. Every so often, we get away from talking about it on a consistent basis because it seems somewhat humdrum.  But it isn’t!

Earlier this year, I was asked to speak to a group of manufacturing leaders about it because of the ongoing importance.  Then, I was asked to speak to a group of quality experts on the topic as it not only is timeless but it also crosses boundaries.  Next, a peer group of manufacturing leaders asked me to speak on the topic. I didn’t have to be a rocket scientist to realize the importance of inventory to company performance, executives and supply chain leaders.

It started me thinking…..  Banking executives understand the critical importance and frequently refer clients for any number of inventory-related needs:  how to bring inventory levels down to free up cash, how to bring inventory accuracy levels up to safeguard assets and customer service, how to implement the appropriate protocols to maintain compliance and how to improve inventory processes to increase margins.  Executives call about inventory-related topics quite frequently.  Boards make it a priority.  For example, corporate of one of my current clients (a facility of a multi-billion dollar aerospace manufacturing company) has made it a top priority.  Certainly none of these people think it is humdrum!

Are you leaving your inventory processes to an analyst on his/her own?  Shouldn’t you be asking questions and expressing interest in the metrics?  Do you know what’s going on with inventory on a weekly basis?  We’ve been consulting for over 11 years as of last month, and 95%+ of our clients asked for or ended up requesting support to improve some aspect of their inventory.  It does seem to be a no-brainer since it is a great way to make quick progress with and improve service, margins and cash flow

Our marketing colleagues call these sorts of timeless topics “evergreen”.  Think about all the impacts to your business stemming from inventory.  We have no doubt it will spur you to go ask a few questions at a minimum.  As this is one of our strongest areas of expertise and we enjoy seeing the deep impact and benefits to businesses, we have decided to offer a special deal for Profit through People newsletter subscribers – a Rapid Inventory Management Assessment.  If you are interested in getting started, contact us.