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They are responsible for building a profitable, well-curated product assortment while ensuring pricing, promotions, and merchandising strategies align with business objectives. Their days are a flood of supplier negotiations, promotional planning, and cross-functional meetingsall demanding swift, strategic decision-making.
Advanced inventory management software integrates with point-of-sale systems, monitoring every sale and tracking stock levels. It even accounts for seasonal trends, promotions, and supplier lead times. Managers can visualize metrics like sales trends, inventoryturnover, and customer lifetime value.
There is one exception: sold but undelivered products are not counted as Beginning of Month Inventory. Other sales periods, such as promotional seasons, are also useful. It’s part of a three-step open to buy process: Step 1 – Know your inventoryturnover. Turnover rates impact OTB. OTB Planning Software.
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