Body of Report In this report, I will be demonstrating a critical analysis for your company with regards to management of Inventory. For the purpose of managing inventory effectively, you should be aware of what is in stock, where it is located, and how long it takes to re-order from suppliers. With reference to the framework, I recommend for your company, in the aspect of inventory management, to implement an optimised approach that consists of keep all the associated costs down., as well as Quick Response(QR). A sufficient level of inventory enables your company to meet anticipated demand; at the same time, it requires a lot of financial investment to obtain the goods from suppliers. Quick response is critical for all fast fashion retailers, if you fail to meet customer demand as quickly as possible, it can lead to profit loss and, perhaps, damage brand reputation. The framework that I carried out has identified the relevant competitive factors for your company in relation to skinny ripped jeans. It has also outlined the key performance objectives that your company should prioritise, as it has an outstanding impact on inventory management. Inventory management is the process of efficiently …show more content…
First of all, better quality of the product is the aspect your company should develop on. Providing better quality products enable you to charge a premium price, however, this inventory management approach focuses firmly on work-in-progress rather than raw materials or finished goods. In addition, reliable delivery seems to be one of the competitive factors, which is similar to fast delivery I discussed above, but this factor is with regard to prompt delivery, that seems to be very necessary in a fast fashion company, any delayed delivery can cause a serious profit loss in terms of rising storage costs, price discounts and obsolescence