Whats the process on Control on stock aging,

Question

Accepted Answer

Stock aging control involves monitoring and managing the age of inventory to prevent obsolescence and optimize supply chain efficiency.

Regularly review inventory levels and identify items that are approaching their expiration or obsolescence dates.
Implement a first-in, first-out (FIFO) inventory management system to ensure older stock is used or sold before newer stock.
Set up alerts or notifications to track aging stock and take proactive measures to prevent excess aging.
Work closely with suppliers to negotiate favorable return policies for slow-moving or aging stock.
Analyze historical sales data to forecast demand and adjust procurement strategies accordingly.
Consider implementing discounts or promotions to incentivize the sale of aging stock.
Regularly communicate with sales and marketing teams to align inventory levels with market demand.
Implement proper storage and handling practices to minimize the risk of stock deterioration or damage.

Accepted Answer

FiFO first IN and first OUT

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