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Inaccurate forecasting: Businesses need to be able to predict demand trends to determine how many products to order.Products can spoil or lose quality if stored for too long, decreasing customer satisfaction or revenue later. Further, you need to watch product levels and conditions while in inventory.

Lack of monitoring and tracking: You need to monitor and track products as they move along the supply chain to communicate accurate expectations with customers.You will need to communicate with suppliers, vendors and other employees, many of whom will work for other entities.

Miscommunication and no coordination: Inventory management and storage are just one aspect of a grander picture - the supply chain.

Warehouse and inventory managers must plan carefully to balance these procedures to optimize each factor.

Poor planning: Inventory management includes several essential processes, from sourcing and selling products to storing and delivering them.

If you are evaluating your inventory management system, know the symptoms of poor inventory management: Prioritize inventory management efficiency today and discover how you can improve it with five essential tips. Any kind of inefficiency can negatively affect your business, impacting how your customers view your services and how you compete with similar companies. As businesses look for improvements in their companies, they should consider assessing their inventory management systems.