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This paper is provided for companies that carry inventory (manufacturers, distributors, retailers and service providers) and want to better manage their inventory availability while reducing ordering and carrying costs. This paper will present four seemingly simple – but proven – strategies for smarter inventory control.
1. Maintain accurate inventory records; expect higher operating costs
2. Proactive planning to avoid shortages and overstock situations
3. Focus on improvement to get incrementally better over time
4. Reduce lead times and lot sizes by reducing the “fixed” ordering costs