- Supplier relationship management is another critical responsibility for inventory buyers. Building strong partnerships fosters trust and reliability over time. A dependable supplier can offer better pricing, faster response times, and priority service during shortages. Long-term collaboration often yields more value than short-term cost savings.
- Inventory buyers need to balance the fine line between holding enough stock and minimizing carrying costs. Excess inventory ties up capital and increases storage expenses. On the other hand, insufficient stock leads to missed sales and dissatisfied customers. Striking the right balance requires experience, analysis, and continuous adjustment.
- In industries with perishable or time-sensitive goods, timing is everything. Buyers must account for product shelf life and transportation time when placing orders. Delays can result in spoilage or obsolescence. Precision and planning are therefore critical in managing such inventories.