Today’s business world shares few similarities with yesterday’s. Communication is quick, easy, reliable, and available through a host of media. Supply is certain and regular in most environments of merchandisingand manufacturing. Tax laws are generally consistent and reliable. However, market changes can be abrupt and difficult to forecast.
Global competition exists everywhere for almost everything. Products are available from anywhere in the world, with delivery possible within in one day in many cases. Competition is drivingthe price of most products down to minimum profit levels. Inventories are managed for minimum stockinglevels and maximum turnover. In the twenty-first century, high inventory is a sign of either mismanagement or a troubled economy. It is expensive and wasteful to hold and maintain high inventory levels. Proper utilization of space is also a critical component in today’s business world, whether one is a retailer, wholesaler, or a manufacturer. » Read more: The Early Twenty First Century
