Inventory Management
Inventory is equivalent to money. If your business doesn’t manage its inventory properly, it will quickly fall apart. Inventory management helps companies identify which and how much stock to order at what time. It
tracks inventory from purchase to the sale of goods. The practice identifies and responds to trends to ensure there's always enough stock to fulfill customer orders and proper warning of a shortages/excess. Inventory management
is the core duty / responsibility of the warehouse management team and proper management is what makes the business success or a failure.
Inventory management dictates how you run your business, serve your
customers and grow sales. Managing inventory efficiently is very crucial. It can also bring several direct benefits to your business’ bottom line:
Advantages of inventory management.
- Make it easy to add new products and channels, analyse performance and empower salespeople with up-to-date product information, so you can grow sales revenue
- Eliminate the inefficiencies that lead to lost stock, overstocking, and stockouts — reducing holding costs and growing margins
- Reduce the time and manpower spent on inventory admin, saving on staff costs