Best practices are operating standards or ethical principles that provide the best course of action in a given situation.
Companies, regulators or governing bodies may establish best practices for business.
Best practices serve as a roadmap for the company on how to conduct business and provide the best way to address emerging issues and issues.
Steps to implement best practices include researching the industry and competitors, communicating standards to all employees, setting metrics, managing change, evaluating and refining best practices.
The two most common inventory management best practices include just-in-time and kaizen.