{"id":14387,"date":"2023-12-11T16:41:00","date_gmt":"2023-12-11T11:11:00","guid":{"rendered":"https:\/\/www.vue.ai\/blog\/?p=14387"},"modified":"2024-06-10T11:41:14","modified_gmt":"2024-06-10T06:11:14","slug":"why-every-cfo-should-care-about-excess-inventory","status":"publish","type":"post","link":"https:\/\/www.vue.ai\/blog\/ai-in-retail\/why-every-cfo-should-care-about-excess-inventory\/","title":{"rendered":"Why Every CFO Should Care About Excess Inventory in 2024"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a14d4820a5ee\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a14d4820a5ee\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.vue.ai\/blog\/ai-in-retail\/why-every-cfo-should-care-about-excess-inventory\/#excess-inventory-hurts-the-bottom-line\" title=\"Excess Inventory Hurts the Bottom Line&nbsp;\">Excess Inventory Hurts the Bottom Line&nbsp;<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.vue.ai\/blog\/ai-in-retail\/why-every-cfo-should-care-about-excess-inventory\/#cash-flow-issues-accrued-interest\" title=\"Cash Flow Issues &amp; Accrued Interest\">Cash Flow Issues &amp; Accrued Interest<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.vue.ai\/blog\/ai-in-retail\/why-every-cfo-should-care-about-excess-inventory\/#inventory-devalues-over-time\" title=\"Inventory Devalues Over Time&nbsp;\">Inventory Devalues Over Time&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.vue.ai\/blog\/ai-in-retail\/why-every-cfo-should-care-about-excess-inventory\/#increased-costs-for-storing-and-managing-inventory\" title=\"Increased Costs for Storing and Managing Inventory\">Increased Costs for Storing and Managing Inventory<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.vue.ai\/blog\/ai-in-retail\/why-every-cfo-should-care-about-excess-inventory\/#destroying-or-discarding-goods-is-costly\" title=\"Destroying or Discarding Goods Is Costly&nbsp;\">Destroying or Discarding Goods Is Costly&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.vue.ai\/blog\/ai-in-retail\/why-every-cfo-should-care-about-excess-inventory\/#looking-ahead\" title=\"Looking Ahead\">Looking Ahead<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.vue.ai\/blog\/ai-in-retail\/why-every-cfo-should-care-about-excess-inventory\/#check-more-about-excess-inventory-management\" title=\"Check More About Excess Inventory Management\">Check More About Excess Inventory Management<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\">2<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span>\n<p>Despite improvements in inventory planning solutions over the years, companies still face challenges with <strong><em>excess inventory<\/em><\/strong> due to uncontrollable factors such as shipping delays, market volatility, unpredictable weather changes, or unanticipated drops in consumer demand. Inefficient planning and management of this type of inventory can lead to a variety of issues, from environmental waste to devalued products and financial constraints.<\/p>\n\n\n\n<p><strong>Excess inventory<\/strong> is often addressed as an afterthought, and as a result many brands are leaving money on the table. Here\u2019s why every CFO should make excess inventory a priority in 2024.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"excess-inventory-hurts-the-bottom-line\"><\/span><strong>Excess Inventory Hurts the Bottom Line&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The carrying costs of excess inventory are high, with common disadvantages including cash flow issues, inventory devaluation as time goes on, and warehousing costs associated with storing unsold inventory.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"cash-flow-issues-accrued-interest\"><\/span><strong>Cash Flow Issues &amp; Accrued Interest<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Ideally, companies use cash flow from sales to pay back debt associated with the purchase of inventory as well as mitigate interest payments. When companies are left with too much inventory that they can\u2019t sell, they can run into cash flow issues that prevent them from effectively repaying loans.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"inventory-devalues-over-time\"><\/span><strong>Inventory Devalues Over Time&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Unsold inventory depreciates exponentially over time, and it\u2019s in a brand\u2019s best interest to sell inventory as fast as possible to recover the best possible margins. There are situations where it may become difficult for brands to do this as time passes on, and as a result, many brands resort to discarding\/destroying goods or simply selling at a loss. For example:<\/p>\n\n\n\n<ul><li>For&nbsp;consumer goods, there\u2019s the risk of products reaching their expiration dates or spoiling. Once products reach this point, they can no longer be sold or donated.<\/li><li>For&nbsp;fashion, products may go out of style quickly due to seasonality or changing trends. With minimal demand, brands are more likely to sell this inventory at a significant loss.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"increased-costs-for-storing-and-managing-inventory\"><\/span><strong>Increased Costs for Storing and Managing Inventory<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Another major concern that can hurt your bottom line is storage costs. More warehouse space allocated to excess inventory means less space available for selling in-demand, revenue-generating products. Aside from warehousing costs, excess inventory also creates additional labor costs as personnel is required to manage it.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"destroying-or-discarding-goods-is-costly\"><\/span><strong>Destroying or Discarding Goods Is Costly&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Many brands have historically destroyed or discarded any excess inventory to avoid accruing costs over time. This mindset is now changing as sustainability goals become a key priority for organizations. In addition to causing environmental harm, there is a huge financial impact to destroying or discarding excess inventory.<\/p>\n\n\n\n<p>There are high operational costs associated with transportation of goods to landfills, as well as destruction or incineration. Destroying goods in particular consumes a considerable amount of energy and can lead to high carbon emissions, which in turn pollutes the environment. In recent years,&nbsp;<a href=\"https:\/\/www.thefashionlaw.com\/retailers-may-soon-be-breaking-the-law-by-destroying-unsold-inventory\/\">strict laws<\/a>&nbsp;have been introduced to ban or limit corporations from destroying or discarding unsold inventory.&nbsp;As more regulation around landfill waste and destruction continues to be enforced globally, brands must implement new&nbsp;solutions to sustainably&nbsp;address growing inventory issues or risk facing hefty fines for noncompliance.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"looking-ahead\"><\/span><strong>Looking Ahead<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Every CFO understands how big of an expense inventory is for their organization. However, without prioritizing the management of excess inventory, CFOs risk putting a serious financial strain on the bottom line. It\u2019s critical for CFOs to partner with their peers in the supply chain and sales teams to re-evaluate processes and&nbsp;implement solutions&nbsp;for greater&nbsp;inventory visibility, automation, and insights. By effectively moving this inventory into other channels earlier in the product lifecycle, brands can get a significant financial boost and free up working capital.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"check-more-about-excess-inventory-management\"><\/span>Check More About <strong><a href=\"https:\/\/www.vue.ai\/solutions\/excess-inventory-management\/\">Excess Inventory Management<\/a><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\">2<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span> Despite improvements in inventory planning solutions over the years, companies still face challenges with excess inventory due to uncontrollable factors such as shipping delays, market volatility, unpredictable weather changes, or unanticipated drops in consumer demand. Inefficient planning and management of this type of inventory can lead to a variety of issues, from environmental waste to  &#8230;<\/p>\n","protected":false},"author":23,"featured_media":14388,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1162],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Excess inventory in 2024: Why Every CFO Should Care About? | Vue.ai<\/title>\n<meta name=\"description\" content=\"Excess inventory is a problem now more than ever. 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