3. Reduce Lead Time
When you need inventory, how much time elapses between ordering and receiving your stock? Forecasting (and sharing the forecast) allows you to reduce the lead time, especially if some of your products take longer to produce or arrive than others. Additionally, you can reduce internal lead times, the time it takes to enter items into the system and prep them for sale. Consider using barcodes for quick and easy data entry. The less time your employees spend processing inventory, the quicker you can sell it.