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On this page, you’ll learn about the following:
Best Inventory Control Statistics
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- Companies can reap a 25% increase in productivity, a 20% gain in space usage, and a 30% improvement in stock use efficiency if they use integrated order processing for their inventory system. [0]
- 46% of organizations don’t use AI at all for their operations while 50.1% report limited usage. [0]
Inventory Control Market Statistics
- The factors that increased supply chain spending in 2018 are cutting costs (25%), SCM automation (25%), and market expansion (23.7%). [0]
- Regardless of the pandemic, the global supply chain management market is set to grow at a CAGR of 11.2% from 2020 to 2027. [0]
- The market share of transportation management systems worldwide is predicted to hit $4.8 billion before the end of 2025. [0]
- According to a supply chain market analysis, 19% of companies that roll out SCM initiatives leverage machine learning to boost forecast accuracy. [0]
- A supply chain market report says that 63% of organizations have no tech systems in place for monitoring supply chain performance. [0]
- The leading supply chain market constraints are containing cost increases (32%), facing global competition (28%), and adapting to customer expectations (27%). [0]
Inventory Control Software Statistics
- Using a dedicatedrestaurant inventory management softwarecan help youreduce inventory mistakes and overstocking by 17%. [1]
- By 2025, the average spending for employees for SCM software will likely be at $8.08. [0]
Inventory Control Latest Statistics
- https//data.bls.gov/timeseries/ENUUS000205493?amp%253bdata_tool=XGtable&output_view=data&include_graphs=true Were investing in inventory management technology in 2016 compared to 2017. [2]
- That’s about 7% of the US GDP. [3]
- The Inner Workings of Inventory Management 75% of all supply chain management professionals want to improve their inventory management practices. [3]
- 48% of supply chain management and transportation executives state that they need to reevaluate their warehouse locations. [3]
- 24% of small businesses track their inventory with a pen and paper. [3]
- 67% of warehouses plan to use mobile devices to speed up their inventory management. [3]
- 25% more retailers are investing in new systems. [3]
- The top issue in 46% of warehouses today is human error. [3]
- 7% of small businesses don’t track inventory at all!. [3]
- According to Supply Chain Mangement Review , roughly 40 percent of a company’s purchasing budget may be spent on MRO items such as janitorial supplies and maintenance tools. [3]
- The Costs of Poorly Optimized Inventory Management Businesses spend an average of 25% to 35% of their budget on inventory costs. [3]
- Carrying costs account for about 25% of a given company’s total inventory costs. [3]
- That percentage can climb to 40% in some cases. [3]
- MRO inventory typically turns over less than once per year That extra inventory lying around results in recurring costs, including about 5% of its total value in insurance costs. [3]
- On average, non grocery retailers only sell about 60% of their stock at full price Markdowns account for about $300 billion in lost revenue in the United States. [3]
- In one of the studies referenced here, about 86% of retailers knew specific ways in which advanced analytics could help them cut inventory management costs. [3]
- These studies also estimate that about 10 percent of this inventory never gets used. [3]
- The industry as a whole is making some progress here as more savvy F&B operators realize that by controlling inventory, theyâre reining in their biggest cost center â the average restaurant food cost percentage hovers between 28% and 32% of total food sales. [1]
- According toone study, operators who do that canadd between 2% and 10% to their bottom linebecause they can easily identify sales trends and keep to their ingredient par levels. [1]
- According to thisstudy from Toast, both successful (39%) and no growth (47%). [1]
- In fact, 78% of operators look at those metrics daily, which should give you an idea about just how important they are. [1]
- According to theNational Restaurant Association, a whopping75% of US restaurants are struggling to turn a profitspecifically because of their inability to manage food costs and keep them at acceptable levels. [1]
- The samestudyfrom the National Restaurant Association unearthed yet another shocking truth â 75% of restaurant inventory shrinkage in the US comes down to employee theft. [1]
- Thispilferage costs restaurants an estimated $20 billion per year. [1]
- For an average restaurant,10 to 15 essential menu items account for nearly 50% of sales. [1]
- A similarstudyto the one above suggests that elaborate menus might be the thing of the past, finding that80% of restaurant sales come from only 16% of menu items. [1]
- In anaverage restaurant,10% of food is wasted before it makes it onto a plate. [1]
- Yourdiners care about how you manage wasteâ 72% of them are conscious of restaurant waste practices, and47% are willing to pay more to support restaurants that actively endeavour to reduce food waste. [1]
- Unfortunately, according to thereFED report from 2018, only 28% of restaurants repurpose food trimmings,26% vary portion sizes, and 25% compost leftovers. [1]
- If youâre facing greater inventory challenges becauseyouâre running a multioutlet business, youâre not alone â30% of global restaurants are multi. [1]
- 43 percent of small businesses in the United States donât track inventory, or do so using a manual system. [4]
- In an academic setting, a score of 63 percent would just barely be passing. [4]
- Imagine what you could do if 10 percent of your inventoryâs value was no longer tied up in product on the shelf, but accessible for your business to put to use elsewhere. [4]
- According to the Bureau of Labor Statistics, the number of operating warehouses has increased 10.4% from 2013 to 2017 â an increase of over 1,600 new warehouses in the U.S. alone. [5]
- The Motorola Future of Warehousing Study predicts that 66% of retailers will have made a significant investment in Warehouse and Inventory Management technology through 2018. [5]
- Aberdeen Group reports in âWhat Has Changed in Wholesale Distribution 2015 & Beyond,â that 87% of todayâs. [5]
- Statista states that from 2016 to 2017, 25% more retailers and manufacturers were investing in better warehouse management technology. [5]
- This makes a lot of sense when viewed in the context of another statistic from PeopleVox human error is the top issue in 46% of warehouses. [5]
- In a research study conducted by Auburn University RFID Lab Studies, researchers found that retailers benefit from item level tagging because it increases inventory accuracy from an average of 63% to 95%. [5]
- Thatâs a phenomenally large increase, and likely part of the reason that more than half (57% to be precise). [5]
- There are a few other variations of this process, but the main gist here is that 23% of all US consumers are using click and collect. [5]
- An unsurprising 32% of Millenials and 35% of Gen Xers are banking on click and collect as well. [5]
- Inventory along with accounts receivable and accounts payable has tied up $1.1 trillion in cash â equivalent to 7% of the U.S. GDP. [6]
- While inventory as a percentage of sales is down from its highs, itâs on the rise from its 2011 low. [6]
- 46% of SMBs either donât track inventory or use a manual method. [6]
- âDays inventory outstandingâ â the amount of inventory on hand based on average sales per day â has risen 8.3% over the past five years. [6]
- 54% of warehouses plan to expand the number of inventory SKUs carried over the next five years. [6]
- For example, 15% of Targetâs online purchases are marked for pick up in. [6]
- 67% of warehouses plan to use mobile devices to manage inventory. [6]
- Using barcodes on medication reduced errors in administration by 41.4% at an academic medical center. [6]
- The number of warehouses in the U.S. has risen 6.8% over the last five years. [6]
- Employment of logisticians is projected to grow 30 percent from 2020 to 2030, much faster than the average for all occupations. [7]
- The same report found that 43% of small businesses donât track their inventory, or use a manual process to track it instead. [8]
- The projected percent change in employment from 2020 to 2030. [9]
- The average growth rate for all occupations is 8 percent. [9]
- The percent change of employment for each occupation from 2020 to 2030. [9]
- 57% of companies believe that supply chain management gives them a competitive edge that enables them to further develop their business. [0]
- A majority of industry professionals (70%). [0]
- These were followed by data and analytics (6.6%), customer service (4%), adding new talent (4%), eCommerce (2.6%), directtoconsumer sales (2.6%). [0]
- 65% of executives in the logistics, transportation, and supply chain sectors report changes in industry processes. [0]
- 30% of supply chain professionals say that a quick response to customer mandates is a top business priority. [0]
- 32% of global retailers stated that they underwent little disruption. [0]
- Only 12% of retailers worldwide reported heavy disruption due to the pandemic. [0]
- 64% of retailers were challenged to adapt their supply chain for ecommerce. [0]
- 28% tried to find alternative sourcing options. [0]
- 28% underwent shortages and outof. [0]
- Proof of this is the fact that 69% of companies do not have total visibility over their supply chains. [0]
- Only 22% of companies have a proactive supply chain network. [0]
- 62% of companies have limited visibility of their supply chain and 15% only have visibility on production. [0]
- Meanwhile, 6% report full visibility, and 17% say they have extended supply chain visibility. [0]
- The most common KPIs used for supply chain monitoring include daily performance (40%), cost reduction (35%), production service rate (29%), inventory turn (28%), and production time (27%). [0]
- Other factors used are lead time (27%), return rate (25%), and ROA (22%). [0]
- Pre Pandemic Disruptors Supply chain disruptions can cause significant negative losses in terms of finances (62%), logistics (54%), and reputation (54%). [0]
- ( The types of events that can lead to supply chain disruptions are mergers and acquisitions (66%), extreme weather (41%), factory fire (37%), and business sales (33%). [0]
- The top causes of supply chain disruption in the US are unplanned IT outages (68%), adverse weather (62%), loss of talent (51%), cyber attacks (50%), and fire (44%). [0]
- 30% of companies don’t analyze the source of supply chain disruptions. [0]
- This is a 14% increase over the number of 2019 supply chain disruptors which was 3,700. [0]
- 52% of 2020 disruptors in the first nine months of the year led to a âwar roomâ situation. [0]
- Only 39% of 2019 disruptions resulted in a âwar roomâ situation. [0]
- The first nine months of 2020 recorded a 13 percentage point increase. [0]
- Transportation and logistics activities currently account for 12% of the global GDP. [0]
- 74% of supply chain companies utilize 4 or 5 transportation methods. [0]
- Shippers can minimize freight invoice payments by 90 95% if they utilize a transportation management system. [0]
- Using transportation management tools can yield an 8% saving on freight costs. [0]
- Only 35% of shipping companies utilize transportation management systems for their overall SCM strategies. [0]
- The Plans of Executives to Enhance Resilience in Transportation and Logistics in 2020 53% of executives plan to dual source raw materials. [0]
- 47% of executives plan to increase the inventory of critical products. [0]
- 40% plan the nearshoring and expansion of their supplier base. [0]
- 38% plan to regionalize the supply chain. [0]
- 30% plan to reduce the number of SKUs in their product portfolios. [0]
- 27% plan to have higher inventory along the supply chain. [0]
- 27% plan to backup production sites. [0]
- 15% plan to nearshore their own productions. [0]
- 15% plan to increase the number of their distribution centers. [0]
- The most important inventory management practices are forecasting (61.3%), warehouse management (50%), logistics (46.8%). [0]
- These are closely followed by training data scientists (21%), returns management (21%), and data interchange technology (17.7%). [0]
- In addition, some prioritize investing in sensor technology (12.9%), training retail staff in eCommerce (11.3%), retooling DCs (9.7%), and refitting stores to have warehouse capabilities (3.2%). [0]
- 46% of small businesses use don’t track their inventory or don’t have an automated method to track it. [0]
- Only 18% of SMBs utilize inventory management systems. [0]
- 25% more manufacturers are investing in more advanced warehouse management in 2017 than in 2016. [0]
- 36% of supply chain professionals say that one of the top drivers of their analytics initiative is the optimization of inventory management to balance supply and demand. [0]
- The estimated value for outof stock items is $1.14 trillion. [0]
- The estimated value of global inventory distortion among mass merchants and grocery retailers in 2020 is $176.7 billion for overstock and $568.7 billion for outof. [0]
- Inventory Management Strategies to Take Post COVID 19.6% plan to have more inventory. [0]
- 26.9% will keep inventory levels the same but will be changing supplier base. [0]
- 19.2% will keep the same inventory levels but keep the same suppliers. [0]
- 21.6% are unsure which inventory management direction. [0]
- 12.7% of business leaders that inventory management planning is not applicable in their organizations. [0]
- The technologies that are becoming a priority in the supply chain industry are data analysis (41%), IoT (39%), cloud computing (39%), and info security (31%). [0]
- In addition, there are also those interested in predictive analytics (29%), apps (25%), 3D printing (22%), robotics (22%), drones (20%), mobile production units (19%), blockchain (18%), and cognitive robotics (17%). [0]
- 50% of companies believe that technological advancements have a strong impact on the supply chain, logistics, and transportation operations. [0]
- 40.7% of modern companies believe that data analytics will be one of the key technologies for supply chain management in the next two years. [0]
- 28% of supply chain leaders say that analyzing data from multiple systems for SCM is a key benefit of advanced analytics. [0]
- 81% of supply chain managers report that data analytics will be crucial when it comes to reducing costs. [0]
- 75% of large manufacturers are looking to update supply chain operations using IoT and analytics based situational awareness before the end of 2019. [0]
- Only 4% of companies leverage artificial intelligence extensively for their supply chain management efforts. [0]
- Experts predict that 50% of manufacturing supply chains will be able to make directto consumption shipments and home delivery by 2020. [0]
- 50.6% of organizations use warehouse robotics for SCM. [0]
- AR and VR investments for supply chain management jumped from 8% in 2017 to 23% in 2018. [0]
- Pick rate productivity can increase by up to 50% if you use pickto. [0]
- 46% of supply chain professionals still reply on excel spreadsheets for their operations. [0]
- The biggest barriers to tech implementation are cost (48%), ROI calculations 40%), and knowing where to start (35%). [0]
- In addition, there are those who have problems with finding the right supplier (11%) and dealing with potential interruption to current services (10%). [0]
- In 2018, the biggest challenges in supply chain management are visibility (21.1%), fluctuating consumer demand (19.7%), and inventory management (13.2%). [0]
- Some also noted coordinating across sales channels (11.8%), finding talent (9.2%), and keeping up with tech (6.6%). [0]
- Meanwhile, the sourcing (5.3%), ensuring an ethical supply chain (5.3%), manufacturing (4%), and data management (1.3%). [0]
- 24.7% of professionals report that the biggest supply chain management challenge for B2C eCommerce companies is delivery costs. [0]
- Retail Supply Chain Executives Willing to Invest in the Following Areas in 2021 58.6% want to increase investment in omnichannel fulfillment. [0]
- 55.73% productive planning and demand forecasting. [0]
- 52.87% want to enable flexible operations. [0]
- 48.52% want to improve inventory management. [0]
- 40.02% want to invest in real time supply chain visibility. [0]
- 40.02% want to improve integrated operational planning. [0]
- 37.15% want to invest more in systems to automate risk identification and issue resolution. [0]
- 31.52% want to invest in production and distribution automation. [0]
- 29.0% of all Inventory Control Managers are women, while71.0%aremen. [10]
- The most common ethnicity of Inventory Control Managers is White (69.9%), followed by Hispanic or Latino (12.8%) and Black or African American (7.5%). [10]
- In 2021, women earned 91% of what men earned. [10]
- The top 10% of highest paid Inventory Control Managers earn as much as $115,000 or more. [10]
- Comparatively, there are 12.8% of the Hispanic or Latino ethnicity and 7.5% of the Black or African American ethnicity. [10]
- White, 69.9% Hispanic or Latino, 12.8% Black or African American, 7.5% Asian, 7.0% Unknown, 2.1% American Indian and Alaska Native, 0.7%. [10]
- Using the Census Bureau data, we found out how the percentage of each ethnic category trended between 2010 2019 among Inventory Control Managers. [10]
- Interestingly enough, the average age of Inventory Control Managers is 40+ years old, which represents 71% of the population. [10]
- 57% of Inventory Control Managers earn that degree. [10]
- A close second is Associate Degree with 21% and rounding it off is High School Diploma with 11%. [10]
- Bachelors, 57% Associate, 21% High School Diploma, 11% Masters, 7%. [10]
- Other Degrees, 4% Inventory Control Manager Wage Gap By Education Inventory Control Manager Employment Statistics. [10]
- By looking over 8,639 Inventory Control Managers resumes, we figured out that the average Inventory Control Manager enjoys staying at their job for 1 2 years for a percentage of 35%. [10]
- Secondary School Principal 14.77% Casino Cage Manager 14.43% Counseling Services Director 12.85% Nursing Home Administrator 10.10% Inventory Control Manager 8.41% Director Of Quality & Engineering 8.13% Site/Project Manager 2.16% Profession. [10]
- The most common foreign language among Inventory Control Managers is Spanish at 56.2%. [10]
- The secondmost popular foreign language spoken is Carrier at 7.3% and French is the third most popular at 6.7%. [10]
- Spanish, 56.2% Carrier, 7.3% French, 6.7% German, 5.1% Japanese, 3.4%. [10]
I know you want to use Inventory Control Software, thus we made this list of best Inventory Control Software. We also wrote about how to learn Inventory Control Software and how to install Inventory Control Software. Recently we wrote how to uninstall Inventory Control Software for newbie users. Donât forgot to check latest Inventory Control statistics of 2024.
Reference
- financesonline – https://financesonline.com/supply-chain-statistics/.
- apicbase – https://get.apicbase.com/restaurant-inventory-statistics/.
- flexis – https://blog.flexis.com/5-inventory-management-stats-worth-knowing.
- upkeep – https://www.upkeep.com/what-is-inventory-management.
- conveyco – https://www.conveyco.com/inventory-statistics/.
- skunexus – https://www.skunexus.com/blog/inventory-management-statistics.
- capterra – https://blog.capterra.com/inventory-management-statistics/.
- bls – https://www.bls.gov/ooh/business-and-financial/logisticians.htm.
- softwarepath – https://softwarepath.com/guides/inventory-management-statistics.
- bls – https://www.bls.gov/ooh/office-and-administrative-support/material-recording-clerks.htm.
- zippia – https://www.zippia.com/inventory-control-manager-jobs/demographics/.
How Useful is Inventory Control
One of the key benefits of inventory control is the ability to minimize costs. By closely monitoring inventory levels and forecasting demand accurately, businesses can avoid overstocking or understocking. Overstocking leads to high storage costs, risk of obsolescence, and tying up valuable capital in inventory that may not sell. Understocking, on the other hand, can lead to lost sales and dissatisfied customers due to delays in fulfilling orders. With effective inventory control, businesses can strike the right balance and optimize their resources.
Inventory control also plays a crucial role in improving efficiency and productivity. By knowing exactly what is in stock and where it is located, businesses can streamline their operations and reduce the time spent searching for items. This not only saves time but also improves overall accuracy in order fulfillment and reduces the risk of errors. Additionally, inventory control enables businesses to identify slow-moving or obsolete items that can be discounted or discontinued, freeing up valuable shelf space for faster-moving products.
Moreover, inventory control is essential for meeting customer demands and maintaining high levels of customer satisfaction. With accurate inventory levels and visibility into stock availability, businesses can fulfill orders quickly and accurately, leading to faster delivery times and higher customer satisfaction. Customers today expect fast and reliable service, and businesses that fail to meet these demands risk losing customers to competitors who can deliver on time.
Furthermore, inventory control is vital for effective financial management. By accurately tracking inventory turnover rates and carrying costs, businesses can make informed decisions about pricing, purchasing, and inventory management. This data allows businesses to identify opportunities for cost savings, negotiate better deals with suppliers, and increase profitability. Without proper inventory control, businesses risk overspending on inventory and tying up cash flow that could be invested elsewhere in the business.
In conclusion, inventory control is a fundamental aspect of running a successful business. It provides numerous benefits, including cost savings, improved efficiency, customer satisfaction, and financial management. Businesses that neglect inventory control risk facing a range of challenges, including excess inventory costs, lost sales, dissatisfied customers, and decreased profitability. Therefore, investing in effective inventory control systems and processes is essential for long-term success and competitiveness in today’s fast-paced business environment.
In Conclusion
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