7
Tips for Optimal Inventory Management in a Global
Supply Chain
The world feels smaller
thanks to improvements in transportation and
communication. This movement has inspired many
companies to develop an international supply chain. If
that is on your organization's horizon, then it's
essential to ensure that your inventory management
remains stable.
1. A Global Supply Chain Requires Holiday Awareness
With a supply chain that may span several countries,
it pays to be aware that other places have different
holidays. Plan ahead to keep your inventory management
system working.
2. Cloud Migration
Few companies can globalize their supply chain without
relying on cloud-based software. Even if you don't go
global, the cloud can make your inventory management
flow easily.
3. Check Forecasting
7 Tips for
Optimal Inventory Management in a Global Supply
Chain
Inventory forecasting is
an important tool. When you globalize your supply
chain, you may need to alter your forecasting methods
to allow for the quirks of your international
partners.
4. Research Locations
Don't jump in with both feet without thoroughly
researching new locations. Send a seasoned consultant
to make assessments and provide a full report to keep
your inventory management predictable.
5. Work with Local Consultants like Kuecker
The consultant's work will be more valuable when he
liaises with a local consultant who can provide
unmatched insight. Ideally, this local consultant
would have experience in your industry and intimate
knowledge of tax codes, relevant laws and even the
cultural customs of the country.
6. Revise Lead Time Estimates
Lead times are all-but guaranteed to increase when you
globalize your supply chain. Don't forget to factor in
considerations like errors, political unrest and
natural disasters.
7. Choose Trustworthy Partners
Carefully consider all suppliers before entering an
agreement. The more you trust overseas partners, the
smoother your inventory management process will be.
An international supply chain can be a valuable asset.
However, it's necessary to use these tips to ensure
stable inventory management.
Contact us today to
discuss your inventory control needs.
