Inventory is the single largest asset and investment for a wholesale distributor. The success and failure of a company may ultimately depend on how their inventory is managed. In turn, there are many different facets of managing this investment. One important area that can often be neglected is the Buying Process.
The Buying Process is a method by which the distributor’s buyers evaluate customer demand and thus purchase the appropriate level of inventory. This straight forward description, however, does not begin to indicate how complex the Buying Process can be.
The resources, time, and expertise required to excel at buying are not as intuitive as one might think. It can be so difficult that the Buying Process can seem like an insurmountable task with which a business must deal. Every single distribution business engages in the Buying Process whether they choose to apply advanced strategies — or not.
The good news is, the science of forecasting, replenishment, and buying have advanced to a point where you can now gain control of your inventory.
In this course, you will gain an understanding of how K3S handles the Buying Process.
- The Replenishment Flow (the situation in which the Buying Process arises)
- K3S Inventory SOOP (our philosophy on how to approach the Buying Process)
- The Buying Process steps and phases. Each step will provide you with some action exercises you can consider and apply immediately.