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Rising supply chain costs, increasing customer demand and the growing complexity of global operations challenge supply chains today. Re-evaluating your inventory management practices can help you overcome these supply chain obstacles by raising profits and reducing risk.

When it comes to inventory management strategy best practices, there isn’t a one size fits all formula to follow. It all boils down to a delicate balancing act. You need to have enough of a product to satisfy customer demands, but not so much that it risks becoming obsolete or sinks your business with high carrying costs. Industry pressures, business priorities and numerous other factors all mean your company’s inventory profile is unique.

It is possible to overcome these pressures and make your inventory management processes more effective. With the help of five simple building blocks, you can set your inventory planning practices on the path to success and take charge of your company’s single largest asset.