3 important lessons that can boost your inventory performance
TRANSCRIPT
![Page 1: 3 IMPORTANT LESSONS THAT CAN BOOST YOUR INVENTORY PERFORMANCE](https://reader037.vdocuments.us/reader037/viewer/2022110122/55b3b4f0bb61eb643e8b475d/html5/thumbnails/1.jpg)
3 IMPORTANT
LESSONS THAT CAN BOOST YOUR INVENTORY
PERFORMANCE
![Page 2: 3 IMPORTANT LESSONS THAT CAN BOOST YOUR INVENTORY PERFORMANCE](https://reader037.vdocuments.us/reader037/viewer/2022110122/55b3b4f0bb61eb643e8b475d/html5/thumbnails/2.jpg)
Lesson #1: Everyone likes inventory management software
Everyone
![Page 3: 3 IMPORTANT LESSONS THAT CAN BOOST YOUR INVENTORY PERFORMANCE](https://reader037.vdocuments.us/reader037/viewer/2022110122/55b3b4f0bb61eb643e8b475d/html5/thumbnails/3.jpg)
Employees were asked about inventory management software's effect on internal theft. Researchers found a significant difference in whether internal theft was a problem between stores that used inventory management software compared to stores that didn’t.
![Page 4: 3 IMPORTANT LESSONS THAT CAN BOOST YOUR INVENTORY PERFORMANCE](https://reader037.vdocuments.us/reader037/viewer/2022110122/55b3b4f0bb61eb643e8b475d/html5/thumbnails/4.jpg)
So, how big of a problem is inventory theft?
![Page 5: 3 IMPORTANT LESSONS THAT CAN BOOST YOUR INVENTORY PERFORMANCE](https://reader037.vdocuments.us/reader037/viewer/2022110122/55b3b4f0bb61eb643e8b475d/html5/thumbnails/5.jpg)
BIG!!In 2014 inventory theft
within the US accounted for $15 billion in inventory shrinkage!
![Page 6: 3 IMPORTANT LESSONS THAT CAN BOOST YOUR INVENTORY PERFORMANCE](https://reader037.vdocuments.us/reader037/viewer/2022110122/55b3b4f0bb61eb643e8b475d/html5/thumbnails/6.jpg)
Employees are willing to fight for inventory management systems!
Are you?
![Page 7: 3 IMPORTANT LESSONS THAT CAN BOOST YOUR INVENTORY PERFORMANCE](https://reader037.vdocuments.us/reader037/viewer/2022110122/55b3b4f0bb61eb643e8b475d/html5/thumbnails/7.jpg)
Lesson #2: The bigger you are, the more likely inventory theft is a big problem for you!
![Page 8: 3 IMPORTANT LESSONS THAT CAN BOOST YOUR INVENTORY PERFORMANCE](https://reader037.vdocuments.us/reader037/viewer/2022110122/55b3b4f0bb61eb643e8b475d/html5/thumbnails/8.jpg)
Large and medium sized companies have big inventories. Bigger inventories mean a greater need for inventory management systems.
![Page 9: 3 IMPORTANT LESSONS THAT CAN BOOST YOUR INVENTORY PERFORMANCE](https://reader037.vdocuments.us/reader037/viewer/2022110122/55b3b4f0bb61eb643e8b475d/html5/thumbnails/9.jpg)
Small businesses such as “mom-and-pop” shops, face less inventory theft because of smaller inventory levels. However they face far higher rates of cash theft.
![Page 10: 3 IMPORTANT LESSONS THAT CAN BOOST YOUR INVENTORY PERFORMANCE](https://reader037.vdocuments.us/reader037/viewer/2022110122/55b3b4f0bb61eb643e8b475d/html5/thumbnails/10.jpg)
Lesson #3: Inventory management software
improves trust and reduces inventory theft.
![Page 11: 3 IMPORTANT LESSONS THAT CAN BOOST YOUR INVENTORY PERFORMANCE](https://reader037.vdocuments.us/reader037/viewer/2022110122/55b3b4f0bb61eb643e8b475d/html5/thumbnails/11.jpg)
Employees were least likely to admit to inventory theft when inventory management software is used. Whereas businesses that used accounting software to manage inventory saw the highest amount of employees admitting to inventory theft.
![Page 12: 3 IMPORTANT LESSONS THAT CAN BOOST YOUR INVENTORY PERFORMANCE](https://reader037.vdocuments.us/reader037/viewer/2022110122/55b3b4f0bb61eb643e8b475d/html5/thumbnails/12.jpg)
Adding controls through dedicated software not only reduces the risk of theft, it also builds trust among employees. And as customer demand for lower cost products increases, all activities throughout the supply chain should focus on reducing costs that could be transferred to the customer.
Saving costs across inventory shrinkage will lead to better priced products and better profits for businesses.
![Page 13: 3 IMPORTANT LESSONS THAT CAN BOOST YOUR INVENTORY PERFORMANCE](https://reader037.vdocuments.us/reader037/viewer/2022110122/55b3b4f0bb61eb643e8b475d/html5/thumbnails/13.jpg)
Thank you for reading!