Become a Pro in Inventory Cost Management

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Inventory Cost Percentage of Total Cost
Raw Materials 30%
Work in Progress 20%
Finished Goods 50%

By effectively managing inventory costs, businesses can optimize their financial performance and increase profitability. Here are some key strategies to become a pro in inventory cost management:

  1. Implement Just-In-Time (JIT) inventory system to reduce excess inventory holding costs.
  2. Utilize inventory management software to track and analyze inventory levels in real-time.
  3. Negotiate with suppliers for better pricing and terms to lower procurement costs.
  4. Regularly review and update inventory forecasting methods to minimize stockouts and overstock situations.

With these strategies in place, businesses can effectively control their inventory costs and improve their bottom line.