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In retail industry most of items are fast moving and should be maintained as per the requirement of retail customers, whereas in wholesale industry very few materials are fast moving as compared to retail industry
An effective inventory management system starts with analysis and design. The more thorough the analysis and the more care you take in developing the design, the fewer problems you’ll have running and managing a new inventory system. Before getting started, it can be helpful to review common problems of an inventory design. Keeping these in mind as you go about developing your system can help you create an inventory system that functions as it should from the start.
Misplaced Inventory Items
Decentralized Design
Inaccurate Needs Analysis
Agree with Mr. vidya sagar burra
This is important to do inventory when we have stock and storage system. Because some time the data Entry Operator makes a mixtake by entering wrong item code. So physical inventory is good and we confirm that our stock goes hand to hand as per our Inventory list.
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My suggestion would not to call anything as pain points. Generally SAP users would have heard the name pain points, but I won't suggest anything as pain points and better call them as challenges. Positivity will let you finding solutions where pain will create doubt and fear to move towards solution.
The following are the challenges in Inventory regarding whole sale and retail.
Inventory inaccuracy ( <85%)
Inventory monitoring ( depends on the software used)
Wrong application of ABC analysis
Wrong forecasting of the fast moving items
Not following FIFO (First in First Out) or LIFO (Last in First Out)
Not following 5S will result in chaos, both storing and retrieval will be a daunting task
I apologize for the answer, I leave the answer to experts specialists in this field, this is not my specialty field
Thanks for invitation
I am apologies to answer this question because it's not my specialist field
Agree with the response given by MADAN MOHAN GAJULA
