Would you like to know if your organization’s inventory management system is running as efficiently as possible? You don’t have to go by gut feelings or opinions, but you can actually use hard data to track your performance over time. A good way to start is by measuring your annual inventory turnover ratio. Much like the Boy Scouts of America, your company’s inventory should do several good turns annually!
We will discuss what an inventory turnover ratio is, how to tell if your ratio is healthy or not, and how to improve it. (more…)