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Companies working in the catalog, retail and eCommerce space can improve their profitability. By implementing inventory cost saving strategies, a company can improve the management of its inventory assets and get the organization more focused on inventory planning, forecasting and analysis. Here are some ideas:

* Strategy: Establish a vendor scorecard to evaluate your vendors on parameters such as on-time deliveries, margins, and issue resolution.

* Strategy: Ensure that ALL categories and SKUs are forecast using a consistent methodology that makes sense for your company and the types of inventory that you stock.

* Strategy: Reduce your slow selling inventory as close to “in-season” as possible to get a higher cost recovery for it.

By developing inventory strategies, your company can realize an inventory cost reduction while improving efficiency. Learn how to maximize your profits with our multichannel cost reduction ideas