This summer has been quite a busy time for us here at CMI! In addition to all of the work we have been doing to expand our online and in-house educational offerings, we are thrilled to announce that we have been invited by the Pacific Oil Conference (POC) to lead a seminar entitled “Inventory Management: Retailer Best Practices” on September 21, 2010 as part of their Retail Track seminar sessions.

The Retail Track seminar sessions are new for POC and include workshops presenting information regarding Security & Theft Protection, Credit Card Interchange industry updates, Petroleum Profit Margins, and Retail Inventory Management. Attendees will walk away with a wealth of information to help them maximize the bottom line. We were honored by the invitation to facilitate such a program…especially in its inaugural year.

As we prepared for the panel discussion, we solicited best practices from a group of our convenience store clients, petroleum distributors, grocers, and DSD suppliers.

Through our discussions, 5 key elements rose above all others in how to best manage inventory:

1. Ordering Process – how and what to order
2. Communication between home office, store, and vendor
3. Establishing receipt of inventory procedures – did you get the items you ordered?
4. Audit Invoices for accuracy – whose cost is right, yours or the vendors?
5. Analysis of reports – are you drowning in paperwork?

Over the next several weeks leading up to the POC convention, we will discuss these 5 Keys to Inventory Control for those of you unable to attend the POC. If you are attending POC, but have already signed up for the Golf Tournament or the Bowling Tournament, have no fear. Swing by booth #528 for your very own autographed copy of the presentation.

See you at POC!