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Administrative errors
These failures occur without bad intent on the part of the employees. Still, they can bring problems to the company without wanting to. A common mistake is to forget to register the output of products. On the one hand, there will be a vacuum in the inventory of a company that is not known.
Bad customer service
The lack of inventory control can cause delays in sending products to customers. In addition, having a bad inventory just because of lack of control can easily lead to creation of a scenario in which you will not have the correct parts available in your inventory for producing a product, as your inventory will not get verified. All this leads to having a high level of dissatisfaction among customers. You can consult inventory management companies, for better results.
Loss of profitability
Bad inventory can seem very expensive for an organization. Having a large amount of inventory has the potential to get damaged or destroyed with the passage of time due to several reason that are not under control. If you do not have a system to eliminate defective inventory, you can also end up with a reduction (inventory lost due to theft).
If you spend more money on additional inventory than required, it may be because you are lacking knowledge about what you have, which in turn, clearly means that you are wasting money.