Too much obsolete stock? These seven steps will streamline your inventory and save you money
Updated: Jul 15
Image source: SmartCompany
If your stock inventory is poorly managed, or you do not have a clear understanding of your figures, then you might be losing real money on obsolete stock.
While there are many factors involved in minimising obsolete stock, a self-assessment is a great place to start. Do you know how much obsolete inventory you have? Do you know how much this is costing you, including any opportunity costs? Do you adequately understand your markets and competitors? And are you learning from your past lessons?