What are the key industry benchmarks for inventory management?
An example of an AI chatbot conversation about industry benchmarks in inventory management.
What are the key industry benchmarks for inventory management?
Key benchmarks include inventory turnover ratio, days sales of inventory, and carrying cost of inventory.
How do I calculate the inventory turnover ratio?
You can calculate it by dividing the cost of goods sold by the average inventory during a period.
What is a good inventory turnover ratio?
A good inventory turnover ratio typically ranges from 5 to 10, depending on the industry.
How can I improve my inventory turnover?
You can improve it by optimizing stock levels, reducing lead times, and enhancing demand forecasting.
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