MOD 1 discussion reply (Other (Not Listed) Sample)

Paper instructions The original discussion question. Why is it important for organizations to effectively manage their inventory? First, enter your original response to this question. To keep it original, do not read your classmates' first responses. Then, respond to at least one of your classmates' discussion post. Further the discussion and make it interesting. Respond to Gonzalo 200 plus words. Gonzalo- From the first time joining the military, the first thing (I) learned was to take inventory of all assigned equipment. At first, (I) was not paying much attention to how it can quickly affect my wallet. Having improper accountability of equipment or not inventory properly can cause a spiral effect that can cause loss of money, job, responsibility, or trust. No one can work with someone whom one does not trust with an inventory. Like any organization/business/company having effective inventory management is crucial to an organization. One must ensure there is always an ample amount of stock to meet customer demand, serviceability, and completion. Inventory management that is not correct can cause serious issues losing money on potential sales that cannot be filled or wasting money by stocking too much inventory, which can stand out as fraud, waste, and abuse. Keeping in mind that to have an effective inventory there are key things to keep in mind: • Track inventory on hand or on order through a system that all can see. • Forecast demand and delivery. • Classification based on inventory (I) am interested in finding out what (my) classmates and Dr. Allison have to say about effective inventory management. Indeed there are tons of ideas out there that one can do not think of now. Message from customer: Hi, skip my original discussion question as I have already posted it. You just have to reply to Gonzola. I will attach my original answer (below) 1. Why is it important for organizations to effectively manage their inventory? Inventory management entails balancing an organization’s amount of incoming and outgoing supplies for optimal profitability. Businesses must have sufficient inventory and finished products in stock to meet customer demands. This phenomenon denotes inventory turnover, which provides an accurate measure of success when combined with return on investment and customer service (Schreibfeder). An effective inventory management framework allows managers to make swift business decisions and close sales confidently. Therefore, effective inventory management is the backbone of business since it indicates the available supplies and how to properly manage the supply chain. source..