From the course: Lean Inventory Management
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Rationalize the product line
From the course: Lean Inventory Management
Rationalize the product line
- Some companies adopt a business strategy that provides one-stop shopping for their customers. They offer a complete portfolio of products so that their customer buys exclusively from their company. But what does this strategy do to inventory management? Inventory levels can become bloated with batches of products that are slow sellers and all this variation in the types of inventory must be managed. Cost can quickly get out of control if not watched closely. This certainly does not support a lean inventory approach. Offering a complete portfolio of products is not the right strategy for everyone. Today, many companies have moved in the opposite direction. They are applying the process called Product Line Rationalization which simply states that if it doesn't make sense to carry a product in inventory, you should eliminate it. That analysis is going to be very different from company to company, but there are three general rules you can apply to investigate the products in your…
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