FREE RESOURCE

5 SIGNS YOU NEED TO

MOVE TO A ROBUST

INVENTORY

MANAGEMENT SYSTEM

MAY 2019

C O N T E N T O U T L I N E

HERE'S WHAT TO EXPECT:

Introduction

Benefits of Inventory Management

5 Signs You Should Revamp Your

Inventory Management System

Contact Information

MARCH 2019

INTRODUCTION

The best way to organize your business in today’s digitalera is to set up a robust inventory management systemthat helps you track and analyze your inventory levelsefficiently. Without tracking and keeping a watchful eyeon the inventory you can face potential inventory errorsand challenges.  Also, if you are not keeping track ofstocks regularly, it is difficult for you to understand theneeds of your customers. A robust inventorymanagement system Offers detailed insights intorecords of every asset in the business. Such anapproach makes it easier for businesses to track themovement of products at every stage with an efficientinventory management system. Furthermore, all thisinformation and capabilities help in better decision-making and contributes to the growth of the business.

“Inventory

management plays an

important role in

maintaining

transparency

throughout the supply

chain networks.”

Benefits of Inventory Management

#1. Improves the accuracy of inventory orders

An intelligent inventory management system helps businesses to determine the volume ofinventory needed in a certain period of time. This can further prevent shortages ofproducts and helps to maintain only required inventory eliminating the chances of wastageor loss.

#2. More organized warehouse

If your inventory management strategy is good, it can result in an organized warehouse. Anunorganized warehouse can result in a delay in order processing and delivery. Companiesmostly choose to optimize their warehouses by grouping bestselling products together andin easily accessible places within the warehouse. This aids in speeding up the orderfulfillment process and in offering better customer experience.

#3. Increases efficiency and productivity

Companies, especially in the retail sector, use barcode scanners and other inventorymanagement tools that help them improve efficiency and productivity significantly. Also,these devices help rule out manual processes so that the supply chain executives can focuson other important business functions.

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Obsolete inventory

MAY 2019

5 SIGNS YOU SHOULD

REVAMP YOUR

INVENTORY

MANAGEMENT SYSTEM

Obsolete inventory is a bane for anybusiness. It leads to an increase in thecost of inventory. If you have too muchinventory in stock that’s not selling, thisis the first sign that you need a betterinventory management solution.Obsolete inventory, in fact, raises a redflag that you failed to follow the bestpractices in inventory management.Obsolete inventory has a couple ofreasons to it such as inaccurateforecasting of customer demand andpoor-quality product or design.

5 S I G N S Y O U S H O U L D

R E V A M P Y O U R

I N V E N T O R Y

M A N A G E M E N T

S Y S T E M

Relying on manual processes

MAY 2019

Checking the accuracy of inventory andauditing for potential discrepancies isessential if you want your inventorymanagement system to supplyoptimum results. However, if you solelyrely on manual processes you will haveto consider adopting an advancedinventory management strategy. Also,companies can adopt an automatedsystem to track the stock faster.

5 S I G N S Y O U S H O U L D

R E V A M P Y O U R

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M A N A G E M E N T

S Y S T E M

Decentralized databases

MAY 2019

There are several manufacturingcompanies that struggle with inventorymanagement because they lack acentralized inventory managementsystem. The solution here is to avoidusing spreadsheets to track inventoryand adopt advanced methods ofcontrolling inventory. Creatingcentralized databases can effectivelyhelp as it allows multiple users to accessthe inventory at any given time.

5 S I G N S Y O U S H O U L D

R E V A M P Y O U R

I N V E N T O R Y

M A N A G E M E N T

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Frequently running out of stock

MAY 2019

Are you keeping track of your stock levels?Are they consistently low or high? Are youfrequently running out of stock? Monitoringall these factors is essential to optimizeinventories. Consistently running out of stocksituation indicates that you are missing onopportunities to sell your products to yourcustomers on time. An effective inventorymanagement solution can help yourbusiness to estimate the amount ofinventory you have on hand at any giventime. This approach is especially helpful ifthere is more than one warehouse.

5 S I G N S Y O U S H O U L D

R E V A M P Y O U R

I N V E N T O R Y

M A N A G E M E N T

S Y S T E M

Struggling to add new product lines

MAY 2019

With the addition of more SKUs to theproduct line, businesses need to considerpartnering with multiple drop shippers orthird-party logistics providers. In addition toincreasing complexity, manual processes likemaintaining spreadsheets and keeping atrack of emails can severely limit the abilityto grow. This is where an automatedinventory management system can help, andcompanies should consider implementingsuch a system to effectively manage SKU’s.This can help in maintaining accurate recordswith FTP feeds and EDI integrations.

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SOLUTIONS?

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MAY 2019

OUR SUPPLY CHAIN ANALYTICS CAPABILITIES

MAY 2019

C O N T A C T I N F O

PHONE NUMBER - US

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from the influx of continuous information around us is what will  drive any

organization’s competitive readiness and success.

Our objective is to bring together the best combination of analysts and

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