The term inventory is from early 15c., from Old French inventoire "detailed list of goods, a catalogue" (15c., Modern French inventaire), from Medieval Latin inventorium, alteration of Late Latin inventarium "list of what is found," from Latin inventus, past participle of invenire "to find, discover, ascertain."
Inventory has four classifications; raw material, work-in-process, finished goods, and maintenance, repair and operating (MRO). Ways to optimize inventory are: mange with real-time data, implement third-party and automation solutions, track the whole supply chain, build contingencies for pipeline inventory, regularly reevaluate supply-chain components like manufacturers and logistics, and improve efficiency in the warehouse. Find the right people, IT, and processes to optimize inventory. Optimize to improve revenue, velocity, margins, and ROA.
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