The art and science of inventory management

There are many lessons in business that we wish we would have learned earlier. In these difficult economic times, better management of new unit inventory could be considered at the top of the list.

There’s a trick to successfully managing inventory, according to Patrick Kennedy of Spader Business Management, and that trick is finding the right balance between the art and the science of inventory management. That very topic will be a cornerstone presentation at the 2009 Marine Dealer Conference & Expo, where dealers and suppliers will have access to the topics and discussions that are leading marine industry trends into next year.

“Our experience tells us that inventory management is a complicated mix of art and science,” Kennedy explains. “But while considering the math variables alone can make it seem impossible, not to mention the seemingly zen-like thinking of the best inventory managers, it can be mastered.”

Kennedy will cover both the art and the science of this topic and will walk attendees of the MDCE through the intricacies of each. Attendees will learn the basics of measuring inventory with an emphasis on calculating turns and acceptable margins. Then Spader will walk attendees through the art of inventory control, focusing on a series of key points that will help attendees master the overall system.

“Quality inventory management is a combination of rational and non-rational factors,” Kennedy summarizes. “Dealers that can learn the math and forecasting of the ‘science’ of inventory as well as create the discipline to develop the high-touch, very human-opinion-based ‘art’ will succeed far better than those who focus on one or the other.”

To learn more about The Art & Science of Inventory Management, make plans to attend the 2009 Marine Dealer Conference & Expo, to be held in Orlando, Fla., Nov. 16-18. With two concurrent educational tracks and nearly 20 individual educational sessions, this event has been designed to help dealers navigate today’s difficult market.

Kennedy’s Art & Science of Inventory Management presentation will be a cornerstone of the Sales & Marketing Track, preceded by an overview of the dealership of tomorrow and dealership recovery and growth and followed by a best ideas dealer panel discussion and secrets to lead management success.

A Service Department Track will be held concurrently, with a focus on department efficiency, profitability, 20-plus tips for strengthening your service department and best practices in service department operations. Wednesday morning, a Commercial and Retail Financing Track will also be offered. The event will then wrap up with a dealer solutions panel and an industry leaders panel, two hallmarks of this convention.