Inventory Control Statistics


Steve Goldstein
Steve Goldstein
Business Formation Expert
Steve Goldstein runs LLCBuddy, helping entrepreneurs set up their LLCs easily. He offers clear guides, articles, and FAQs to simplify the process. His team keeps everything accurate and current, focusing on state rules, registered agents, and compliance. Steve’s passion for helping businesses grow makes LLCBuddy a go-to resource for starting and managing an LLC.

All Posts by Steve Goldstein →
Business Formation Expert  |   Fact Checked by Editorial Staff
Last updated: 
LLCBuddy™ offers informative content for educational purposes only, not as a substitute for professional legal or tax advice. We may earn commissions if you use the services we recommend on this site.
At LLCBuddy, we don't just offer information; we provide a curated experience backed by extensive research and expertise. Led by Steve Goldstein, a seasoned expert in the LLC formation sector, our platform is built on years of hands-on experience and a deep understanding of the nuances involved in establishing and running an LLC. We've navigated the intricacies of the industry, sifted through the complexities, and packaged our knowledge into a comprehensive, user-friendly guide. Our commitment is to empower you with reliable, up-to-date, and actionable insights, ensuring you make informed decisions. With LLCBuddy, you're not just getting a tutorial; you're gaining a trustworthy partner for your entrepreneurial journey.

Inventory Control Statistics 2023: Facts about Inventory Control outlines the context of what’s happening in the tech world.

LLCBuddy editorial team did hours of research, collected all important statistics on Inventory Control, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to form an LLC? Maybe for educational purposes, business research, or personal curiosity, whatever the reason is – it’s always a good idea to gather more information about tech topics like this.

How much of an impact will Inventory Control Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

Please read the page carefully and don’t miss any words.

Top Inventory Control Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 53 Inventory Control Statistics on this page 🙂

Inventory Control “Latest” Statistics

  • Days with outstanding inventory over the previous five years, the quantity of inventory on hand based on daily average sales has increased by 83%.[1]
  • Inventory has tied up 11 trillion in cash, which is 7% of the U.S. GDP, coupled with accounts receivable and accounts payable.[1]
  • Quick customer reaction, according to 30% of supply chain experts, is a top company objective.[2]
  • In the next two years, data analytics, according to 40.7% of contemporary businesses, will be one of the most important technologies for the supply chain management.[2]
  • Technology developments are seen as having a significant influence on supply chain logistics and transportation operations by 50% of businesses.[2]
  • Supply chain management, in the opinion of 57% of businesses, offers them a competitive advantage that allows them to expand their operations.[2]
  • According to 65% of executives in the logistics, transportation, and supply chain industries, industrial procedures have changed.[2]
  • Data analytics, according to 81% of supply chain managers, will be essential for cutting costs.[2]
  • 70% of industry experts believe that the supply chain will play a significant role in improving customer service by the year 2020.[2]
  • According to a supply chain industry research, 63% of firms lack technological infrastructure for tracking supply chain performance.[2]
  • From 8% in 2017 to 23% in 2018, supply chain management expenditures in augmented reality and virtual reality.[2]
  • A supply chain industry survey found that 19% of businesses that implement SCM efforts use machine learning to increase forecast accuracy.[2]
  • 12.7% of corporate executives said that their businesses do not use inventory management planning.[2]
  • According to BCI in 2020, 30% of businesses fail to identify the cause of supply chain interruptions.[2]
  • If businesses employ integrated order processing for their inventory system, they may see a 25% boost in productivity, a 20% rise in space consumption, and a 30% increase in stock use efficiency.[2]
  • According to SimplePost in 2019 the improvement of inventory management to balance supply and demand is one of the main motivations of their analytics endeavor, according to 36% of supply chain experts.[2]
  • By 2020, experts forecast that 50% of industrial supply chains will be able to send products directly to consumers and deliver them to their homes.[2]
  • According to Forbes 2018, 4 or 5 transportation options are used by 74% of supply chain organizations.[2]
  • According to 24.7% of experts, shipping costs are the top supply chain management concern for B2C eCommerce businesses.[2]
  • Only 15% of businesses have access to their whole supply chain, while 62% only have visibility into their manufacturing.[2]
  • For their entire SCM plans, just 35% of shipping businesses use transportation management systems.[2]
  • The worldwide supply chain management market is anticipated to expand at a CAGR of 11.2% from 2020 to 20.27 regardless of the pandemic.[2]
  • Of the retail supply chain executives willing to invest in the following sectors in 2021, 58.6% of them intend to boost omnichannel fulfillment investment.[2]
  • According to Statista in 2020, the inventory of 46% of small enterprises is either not tracked or is not tracked automatically.[2]
  • According to Statista in 2021, 37.15% want to increase spending on automated systems for identifying risks and resolving problems.[2]
  • According to Statista, 40.02% of people desire to invest in real-time supply chain visibility.[2]
  • The top supply chain market restraints are limiting cost growth (32%), contending with international competition (28%), and meeting consumer expectations (27%).[2]
  • Before the end of 2025, it is anticipated that the market share of transportation management systems will reach $4.8 billion.[2]
  • The most popular KPI used for supply chain monitoring is daily performance, which accounts for 40% of costs, 35% of output, 29% of inventory turn, and 27% of production time.[2]
  • Unplanned IT failures are the main causes of supply chain interruption in the U.S. followed by 68% due to inclement weather, 62% due to talent loss, 51% to cyberattacks, and 44% to fire.[2]
  • Events like mergers and acquisitions (66% ), harsh weather (41% ), factory fires (37% ), and company sales (33% ).[2]
  • Training data scientists (21% ), returns management (21% ), and data transfer technologies (17.7% ).[2]
  • 12% of the global GDP is made up of activities related to transportation and logistics.[2]
  • 2018 wasp barcode in 2017 compared to 2016, 25% more manufacturers made investments in more sophisticated warehouse management.[2]
  • 75% of U.S. restaurants, according to the National Restaurant Association, are having trouble making a profit because they are unable to control their food expenses and maintain them within reasonable bounds.[3]
  • Since the typical restaurant food cost percentage is between 28% and 32% of total food sales, the industry as a whole is making some headway in this area as more knowledgeable F&B operators recognize that by limiting inventory they are reining in their main cost center.[3]
  • Employee theft accounts for 75% of inventory loss in restaurants in the U.S.[3]
  • By using specialized restaurant inventory management software, you may cut down on errors and overstocking by 17%.[3]
  • 43% of small firms either don’t monitor their inventories or do so using a manual technique.[4]
  • From 2021 to 2031, the employment of logisticians is anticipated to increase by 28%, which is substantially faster than the average for all professions.[5]
  • IBM released research that says 56% of retail industry executives claim that their inventory information is erroneous.[6]
  • According to Aberdeen Group, 87% of consumers nowadays are ready to wait two days or longer to acquire free delivery.[7]
  • According to the bureau of labor statistics, there were more than 1,600 new warehouses built in the U.S. alone between 2013 and 2017, an increase of 10.4% in the number of operational warehouses.[7]
  • According to Statista, 25% more manufacturers and retailers made investments in more advanced warehouse management technologies between 2016 and 2017.[7]
  • According to the Motorola Future of Warehousing Study, by the year 2018, 66% of retailers will have significantly invested in technology for warehouse and inventory management.[7]
  • There are a few more versions of this procedure, but the key point is that click and collect is used by 23% of all us customers.[7]
  • 75% of supply chain management specialists seek to enhance their inventory management procedures.[8]
  • Executives in supply chain management and transportation say they need to reassess where their warehouses are located in 48% of cases.[9]
  • Non-grocery stores often only sell 60% of their inventory at full price.[9]
  • In the U.S., markdowns result in around $300 billion in lost sales.[9]
  • The price of inefficient inventory management businesses spends between 25% and 35% on inventory expenditures on average.[9]
  • Inventory control professionals make up 46% of the population and have an average age of 40.[10]
  • White people make up 61.2% of all inventory control professionals, making them the most prevalent ethnic group.[10]

Also Read

How Useful is Inventory Control

One of the primary benefits of inventory control is the ability to minimize costs and maximize profits. By closely monitoring inventory levels, companies can avoid overstocking, which ties up working capital unnecessarily, or understocking, which can result in lost sales and dissatisfied customers. Additionally, by accurately forecasting demand and maintaining lean inventory levels, businesses can reduce carrying costs, obsolescence, and storage expenses. In this way, effective inventory control can greatly improve a company’s bottom line and ensure long-term financial health.

Moreover, inventory control plays a crucial role in ensuring customer satisfaction. One of the surest ways to lose potential customers is by running out of stock or having delays in fulfilling orders. Implementing an effective inventory management system can help prevent stockouts and backorders, enabling businesses to meet customer demands promptly and reliably. By having the right products available when customers want them, companies can not only attract new customers but also secure repeat business and build a loyal customer base.

In addition to financial and customer satisfaction benefits, inventory control also enables companies to make informed decisions. By analyzing historical sales data and tracking trends in customer preferences, businesses can anticipate demand, plan promotions effectively, and optimize their product offerings. This data-driven approach allows companies to adapt quickly to changing market conditions and stay ahead of their competitors. With real-time access to inventory information, managers can make accurate forecasts and strategic decisions that drive business growth and success.

Furthermore, effective inventory control enhances operational efficiency and streamlines business processes. By automating inventory tracking and implementing barcode scanning or RFID technology, companies can eliminate manual errors, reduce handling time, and improve order accuracy. These advancements not only increase productivity but also create a more organized and efficient warehouse or storage facility. With better visibility and control over their inventory, businesses can minimize stock discrepancies, improve inventory accuracy, and eliminate waste, ultimately optimizing their operations and enhancing overall efficiency.

In conclusion, inventory control is a fundamental aspect of successful business management that offers a myriad of benefits across different industry sectors. From minimizing costs and maximizing profits to ensuring customer satisfaction and operational efficiency, effective inventory management is essential for achieving long-term success and growth. As technologies continue to evolve and customer expectations become more demanding, companies that invest in robust inventory control systems will undoubtedly gain a competitive edge and thrive in the fast-paced business environment.

Reference

  1. capterra – https://blog.capterra.com/inventory-management-statistics/
  2. financesonline – https://financesonline.com/supply-chain-statistics/
  3. apicbase – https://get.apicbase.com/restaurant-inventory-statistics/
  4. softwarepath – https://softwarepath.com/guides/inventory-management-statistics
  5. bls – https://www.bls.gov/ooh/business-and-financial/logisticians.htm
  6. forbes – https://www.forbes.com/sites/forbestechcouncil/2022/04/19/why-effective-and-efficient-inventory-management-is-key-to-delivering-positive-customer-experiences-in-retail/
  7. skunexus – https://www.skunexus.com/blog/inventory-management-statistics
  8. upkeep – https://www.upkeep.com/learning/inventory-management-stats
  9. upkeep – https://www.upkeep.com/what-is-inventory-management
  10. zippia – https://www.zippia.com/inventory-control-specialist-jobs/demographics/

Leave a Comment