IMPLEMENT JUST-IN-TIME PURCHASING AND PRODUCTION STRATEGIESFOR IMPROVED PROFITS
Supply chain disruptions and inventory planning issues can mean the difference between large profits or significant losses. We are all familiar with the shortage of face masks and hand sanitizers during the global pandemic. Years later, many companies still have warehouses full of these items that no one wants or needs. This is just one of many historic examples of supply shortages and overstock.
Recent supply chain shortages span industries such as automotive products, baby formula, varied pharmaceuticals, and high-demand consumer electronics. Conversely, several major retailers recently announced serious overstock issues due to poor demand planning or unmonitored automated purchasing.