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Managing Inventory
How can businesses effectively manage their inventory?
Businesses can effectively manage their inventory by implementing accurate demand forecasting, adopting inventory control systems, optimizing reorder points, and conducting regular inventory audits.
What are the challenges businesses face in inventory management?
Challenges in inventory management include maintaining optimal inventory levels, avoiding stockouts or overstocking, managing carrying costs, forecasting demand accurately, coordinating with suppliers and logistics, minimizing obsolescence or spoilage, and aligning inventory with customer demand patterns.
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