What are the most interesting stats and facts about inventory management?
Inventory management makes much of our world today progress in an orderly fashion. This is generally done without most people knowing how our food, clothing and various other goods have actually made their way to us.
Here are some of the most interesting statistics and facts about inventory management, from its everyday impact to obscure numbers that most people never realize.
Money and Finances
- Inventory, accounts receivable, and accounts payable account to $1.1 trillion in assets. That’s about 7% of the US GDP.
- Warehouse space in the United States costs about $5.08 per square foot.
- American retailers carry about $1.43 in inventory for every $1 of sales.
- A top ten reason for startups to fall is that they do not manage their inventory.
The Inner Workings of Inventory Management
- 75% of all supply chain management professionals want to improve their inventory management practices.
- 48% supply chain management and transportation executives state that they need to reevaluate their warehouses locations.
- 24% of small businesses track their inventory with a pen and paper.
- As a result of these and other statistics, many retailers and manufacturers are investing in better inventory management solutions.