What practice can managers use to effectively monitor inventory?

Utilizing a combination of conducting regular inventory counts and leveraging software is a highly effective managerial practice for monitoring inventory. This approach allows managers to ensure accuracy in inventory records, which is crucial for efficient operations. Regular physical counts help identify inventory levels and prevent stockouts or overstocking. Meanwhile, inventory management software provides real-time tracking, analytics, and alerts for low stock levels, facilitating better decision-making.

By using both methods, managers can gain insights from trend analyses and historical data, which can inform purchasing decisions and optimize inventory turnover. This dual strategy effectively balances the precision of manual counts with the efficiency and capabilities of modern technology, leading to a more organized and responsive inventory management system.