BLOG

4 Best Practices to Transform Your Inventory Management Process

Sep 27, 2018

What is inventory management? 

Inventory management essentially refers to the efficient management of stock and inventory. In a nutshell, it is all about having the right amount of stock at the right time, right place, right cost, and in the right quantity. However, the entire process is not as easy as it might sound. It involves the use of various inventory management techniques to control and oversee order placements, ensure the appropriate storage of the stock, and controlling the number of products for sale. It can often get challenging for businesses to keep up with inventory demands while monitoring the inventory process and the needs of their workers, customers, or the buyers. Contact US

Inventory management best practices

Track the fast and slow movers

A proven advantage of optimizing inventory management for warehouses is that it can help track sales and orders for each product or customer. These inventory management techniques are extremely useful for companies to gain smart insights into inventory data.  This information can be used to track the high sellers. This way, the entire stock management process becomes more efficient, storage and shipping are performed faster, and companies will not have to worry about this task ever again. This is an ideal inventory management best practice to keep the big clients happy.

Categorize the inventory

cta SE

One of the most common inventory management techniques for categorizing the stock is through ABC analysis. This is the technique of arranging the stock into groups that range from the most important to the least important items. A-items typically the best-selling, highest priority stock and require regular reordering and constant quality review. B items are medium-priority stock and usually require monthly reordering. C-items are often low priority goods that are typically carried in high volumes with minimal reordering. Organizing your stock within the warehouse according to how they sell and how much value they bring the business is an important inventory management best practice that will help companies optimize storage space and streamline order fulfillment.

Automation and Mobilizing the workforce

Another inventory management best practice is to liberate the employees from their desks and allow them to perform daily tasks on the go. But employing modern technology for connectivity and cloud-based services it is possible for the staff to monitor and manage the stock levels without physically being present in the office or warehouse. Furthermore, employees might find repetitive tasks to be monotonous. So, companies must look at ways to automate these manual tasks, helping employees to dedicate more time and attention to other core tasks. Such inventory management techniques are also known to improve employee productivity.

Movable and fixed tracking options

Movable and fixed tracking option is an inventory management best practice that allows you to see where a product has been placed, how it can be accessed, and whether it is ready for shipment. Movable tracking provides insights on where items are located at all times, and it makes the entire stock management process faster, easier, and more intuitive.


Gain more insights into the inventory management solutions offered by SpendEdge

request proposal

 

Recent Blogs

5 Pro Tips for an Impactful Procurement Process

5 Pro Tips for an Impactful Procurement Process

What is a procurement process cycle? Over the years, procurement process cycle has received a lot of attention as organizations across the globe have changed their focus from tactical functions to strategic business units. As a driver of major purchasing decisions,...

read more

Industries

Services

Getting Down To Business

We are offering Free Trials to all our customers or prospects who have been impacted positively or negatively by Covid-19 and are looking to connect with prospect buyers immediately.

Contact us

COVID-19

Featured

Overview

Buyers

Diagnostic Test Kit

Additional Resources
Contact

A LOOK INTO THE FUTURE OF THE FOOD AND BEVERAGE INDUSTRY AFTER THE COVID-19 PANDEMIC

Identifying the Top 100 Coronavirus (COVID-19) Test Kit Manufacturers Across Regions

Sourcing and Procurement Market Intelligence Services

Products and Tools

Featured

Services Overview

Category Market Intelligence

Supply Market Analysis

Low-Cost/Best-Cost Country Sourcing

Benchmarking

Spend Analysis

Cost Modeling and Should-Cost Analysis

Total Cost of Ownership (TCO) Analysis

Supplier Risk Analysis

Supply Chain Risk Assessment

Supplier Sustainability Assessment

Commodity Price Forecasting

Category Management

Supplier Negotiations

Contract Management

Procurement Store

Purchase Ready-to-use Reports

SEinsightsTM

Our Robust Procurement Platform

BizVibeTM

Suppliers and Buyers Marketplace

SUPPLY MARKET ANALYSIS FOR A METAL MANUFACTURING COMPANY HELPS ACHIEVE ANNUAL SAVINGS OF $15 MILLION

Industries

Industries Overview

Automotive and Tire

Banking, Financial Services and Insurance

Biotechnology, Pharmaceutical and Life Sciences

Chemicals

Energy

Food and Beverage

Industrial and Manufacturing

ICT, Media and Entertainment

Mining, Metals and Minerals

Retail and CPG

Transportation

INCREASING LOCAL PROCUREMENT BY 28% FOR A COMPANY IN THE METALS AND MINING INDUSTRY – A CASE STUDY BY SPENDEDGE

Resources

Featured

Resources Overview

COVID-19 Resources

Blogs

Case Studies

Whitepapers

Webinars

Press Releases and Media Mentions

5 KEY CORONAVIRUS RISK ASSESSMENT STRATEGIES TO OVERCOME HEALTHCARE SUPPLY CHAIN CHALLENGES

IDENTIFYING STRATEGIC PURCHASING PRACTICES FOR A COMPANY IN THE US FOOD SERVICE INDUSTRY | SPENDEDGE’S LATEST SUCCESS STORY

Clients

Featured

Clients Overview

Who We Serve

Case Studies

SUPPLY CHAIN MANAGEMENT HELPS AN IMPORT AND EXPORT INDUSTRY CLIENT ENHANCE SUPPLY CHAIN VISIBILITY

REALIZING SAVINGS OF $15 MILLION IN PACKAGING SPEND FOR AN FMCG CLIENT – PACKAGING SOURCING STRATEGY

About Us

News

About SpendEdge
Why SpendEdge?
Vision, Mission and Values
Clients
Social Impact
Global Offices

Press Releases and Media Mentions

Upcoming Events & Webinars