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Inventory management solutions that can work for you
To effectively manage a warehouse, you need an inventory control system that will ensure smooth inventory flow and warehouse efficiency. Not only will it ensure that your warehouse is always in mint condition, but you’ll be able to keep an eye on the ball with regards to asset tracking and stock availability.
Needless to say, efficient inventory control is crucial to effective warehouse management. Need more convincing? Let us break down the benefits and explain how efficient inventory management solutions can benefit your business.
What is considered best practice when it comes to inventory management?
If you’re managing a warehouse, then you want to avoid delayed customer orders, inaccurate stock data and high return processing costs. This is why you need to take a look at inventory management best practices. What does this entail?
Well for starters, you need to consider the review system that best suits your business model.
- You would use a continuous review system if you order the same quantity of goods each time. With this system, you can continuously monitor inventory levels. If it drops below a set level, you replenish.
- If you order goods at the same time each period (perhaps you order your stock every three months), you would use the periodic review system. At the end of each period, you determine how many items are needed based on quantity levels at the end of each period.
Another best practice is quality control. Implement a process that ensures that quality is monitored. Ask employees to help with the following:
- To report any signs of product damage
- Ensure that the product information is identical to the description on the purchase order
- Pricing and terms of sale
If you’re all working towards the same standards of quality, you’ll eliminate unnecessary hitches in your inventory management.
Last but not least, you need to implement demand forecasting. This will ensure that even with minimal stock levels, you never run out of stock. To accurately forecast demand, it’s important to involve both marketing and sales.
Now that we’ve covered best practices, it’s time to look at the benefits.
How can your business benefit from inventory management?
Having a well-oiled management plan will help you, your employees and customers. Which is why you can’t ignore it. This is how you stand to benefit.
- Increased efficiency
Imagine for a second what it would be like if you ignore the best practices of inventory management. Employees would have to rummage through files and spreadsheets and run around each time someone asks about stock availability. There is a better way. With a good inventory management system, you and your employees will now have more time to focus on business growth and customer satisfaction.
- You’ll know exactly where stock is
This is good news, especially if you have warehouses in multiple locations. Instead of getting on the phone and trying to call the other warehouse, you can pull up real time data, which can track the stock’s exact location.
- Close that deal!
The owner at the bakery just ran to the back, promising you that slice of chocolate cake you’ve been craving. He comes back empty handed because he just found out they’re out of stock. Naturally you’ll find another bakery right? Well the same will apply to your customers if they find out that an item they were promised is out of stock and you’re unable to tell them when you’ll restock. Inaccurate inventory management can lead to lost sales and ultimately lost customers.
Finding the right partner when it comes to inventory management
Whether its personal or business, when it comes to finding the right partner, there is one important aspect: having the same goal in mind. This is why AMCAP works with you to understand your specific needs, ensuring that we deliver you the most suitable strategic logistics model.
Our warehousing and logistics solutions provide increased capacity, lower costs and higher service levels. Tailored advanced technologies are deployed throughout our state-of-the-art facilities to handle all requirements.
Whether it’s in our facilities or a client warehouses, we provide hardware and software solutions to increase the productivity and efficiency of all warehouse operations. We identify strategies and implement them to assist production, inventory flow and time management.
AMCAP’s warehousing and storage solutions help manage resources as well as people in a safe and secure environment.
Improve accountability today. Contact AMCAP Distributors today for more information.