What is Inventory Management Problems and Its Solutions

There are a number inventory management that occurs that are not due to shrinkage. Most of these problems tar based on inaccuracies that are based on poor management and record-keeping activities. Typically too much inventory can erode working capital and profits. It is important that management spends attention to supply projections, using past demand are a basis to improve upon and adjusting for identifying and quantifying less obvious patterns. Inaccurate inventory tracking can be addressed through proper use of EDI, bar-code scanning, and RFID-based solutions to reduce data entry errors. Priories of inventory needs to be established by management using an ABC analysis and proper data analysis tools Back-up and safety stock plans through contingency planning scenarios to remove uncertainties in inventory are extremely helpful tools.

Inventory Shrinkage and Corrective RFID and Management Strategies

Alan D. Smith (Robert Morris University, USA)