Tag: inventory management system

inventory management

Inventory Management: Making Shopping a Smooth Experience for Shoppers and Providing Scope for the Expansion of Businesses

The Business Problem

A European private-label clothing and accessory manufacturer that designs and manufactures its own line of apparels wanted to improve its stock management, store operation, and logistics capabilities to gain a competitive advantage in the market. They sought to implement item-level tagging to every item whether jackets, skirts, or socks to increase the efficiency of their inventory management system. Moreover, they wanted to deploy an inventory management system that could follow the implementation guidelines issued by the European Fashion Council and Textile Regulation.

Managing inventory is imperative for companies to meet the changing demands of customers and increase their revenues. Request a free proposal and access our complete portfolio inventory management solutions today.

Solutions Offered and Client Journey

SpendEdge’s analyst team conducted a comprehensive analysis to optimize workflows and business processes that can help the client reduce human error in inventory management. Based on the analysis, they categorized products that were moving fast and devised inventory management strategies that could capture and share the information of products across all warehouse departments in real time and prevent errors in purchasing, sales, and billing.

The experts at SpendEdge offered an inventory management solution that was capable of saving time and money on store operations. They encoded EPC tags with Serialized  Global Trade Item Numbers to every product at the manufacturing factory to gain real-time information regarding the delivery of items at distribution centres. This tagging allowed the client to inspect the entire carton in a few seconds by simply scanning the label/code. Moreover, with such an effective inventory management system, the inventory accuracy increased substantially and improved the process efficiency of the client.

Want to know how real-time information can help companies to improve their inventory?

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Key Finding & Outcomes

Faster Checkout for Shoppers

The improved inventory management system helped the client witness a noticeable difference in the shopping experience provided to customers. The stores and boutiques equipped with this system immediately read the chosen items and calculated the amount to be paid. This made the shopping experience smoother and faster for both customers and teams.

Provided Scope for Expansion  

The improved inventory management process helped the client to expand their presence in different countries in Europe. Also, it reduced labor costs by making employees more efficient, while maintaining their current payroll. This increased their bottom line and alerted them to update their inventory of certain products after they reach below a designated level. Want to know more about benefits, request for more information.

What is the Role of Inventory Management in the Apparel Industry?

Inventory management plays a crucial role in the apparel industry as the inventory of goods changes frequently.  Companies need to replace outdated fashion pieces with new ones and provide options to their customers on a regular basis that means the change of the inventory’s product mix.

Without an effective inventory management system, implementing changes in the product mix can be difficult and time consuming. Therefore, businesses need a proper inventory management system that can make things the complete process easier and faster.

Wondering how effective inventory system can help companies increase their process efficiency?  Get in touch with our experts today!

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SpendEdge’s Inventory Management Helped a Pharmaceutical Supplier Maintain Accurate Inventory Levels and Minimize Cost of Inventory

With the growing concerns pertaining to healthcare treatments, the pharmaceutical suppliers have witnessed a promising growth over the past few years. Moreover, the pharma companies are expected to witness considerable growth, owing to an ageing population, changing lifestyles, and unhealthy eating habits. However, with these rising customer expectations, the commercial environment is getting harsher with customers looking for cost constraints in the pharmaceutical products offered. Moreover, inventory management is becoming a major concern for the companies in the pharmaceutical industry. While the pharma companies can’t risk drug shortages due to lack of inventory visibility, they also never want to incur the costs of overstock that would negatively impact productivity and the patient experience. Thus, to address these challenges and enhance production capabilities, organizations are looking to devise an inventory management solution.

With the help of a reliable inventory management system, organizations can effectively keep track of their stock manually. In addition, the inventory management system helps businesses restock certain items, the amount of purchase, and the prices to pay.

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Taking a Step Forward towards Better Inventory Management of Pharmaceutical Supplies

Inventory management in the pharmaceutical industry involves complex systems that consist of interrelated and interlocking subsystems. Changes made in one part of the inventory management system have both anticipated and unanticipated consequences in the other part of the system. In recent years, we have witnessed several pathbreaking discoveries in the pharmaceutical industry’s inventory management. However, even small mistakes in inventory management can quickly lead to confusion, increased turnaround times, unnecessary expenses or worse, prescription errors that endanger patient health. Furthermore, the advancements in the pharmaceutical industry also entail several challenges in the global health pharmaceutical delivery supply chain, particularly in meeting the demands for new and personalized therapeutics. 

Inventory related challenges affecting pharmaceutical companies

Inventory management

Inventory management in global health pharmaceutical delivery supply chain involves complex processes which include quantification and replenishment decisions. However, due to the lack of accurate information, there is often uncertainty that results in a negative impact on the company’s inventory management system.

Dependency on human resources

The lack of qualified individuals to fill the logistics-related positions in pharmaceutical companies is being recognized as a threat that results in heavy workload and ineffective role performance. Aside from this, it also leaves key responsibilities that include making supply chain calculations and decisions unattended. On the other hand, along with the utilization of accessible and user-friendly IT systems, pressure on HR capacity can be alleviated by hiring a dynamic team of responsible and trained people equipped with enough knowledge and skills.

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Order management

Demand information or data about the availability of products in the different levels of the supply chain are the primary decision-making factors in order management. This translates to the fact that lack of accurate information would make order management to solely rely on assumptions and experience. Consequently, orders may arrive incomplete, inaccurate or delayed, which can negatively affect product availability and overall inventory management of pharmaceutical supplies.

Warehouse management

Most warehouses do not possess adequate facilities to support large inventories. Relying on third-party logistics might not always be effective due to poor organization and not enough designated area for different functions such as receiving, shipping and storage for both damaged and expired products. In the long run, such unfavorable conditions may ultimately lead to discrepancies in logistics and inaccuracies in inventory management.

Temperature control

Factors such as environmental conditions, particularly temperature could greatly affect drug potency. Hence, failure to provide the right temperature during storage and shipment of pharmaceutical products may result in major product wastage. Refrigerated containers or storage rooms might be available in the warehouses. However, there are chances of gaps in ensuring and monitoring of temperature level. This makes cold chain difficult to maintain.

Shipment visibility

Once the manufacturer sends out the product for delivery, it becomes difficult to track its status at different levels of the supply chain. Besides, the exact date when the products will arrive becomes unknown to both the manufacturer and the recipient.

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Overcoming pharmaceutical inventory management challenges

Some of the top pharmaceutical companies are already doing a stellar job at inventory management, but almost everyone has some room for improvement. Here are some best practices for companies in the pharmaceutical industry to optimize their inventory levels:

Get an accurate count

Pharmaceutical companies can’t manage what they don’t measure. Also, a visual scan of the shelves often proves insufficient to provide the sort of accuracy needed. One of the best solutions to combat this is to conduct an annual physical inventory, supported by a computerized inventory system, and monitored by a designated employee.

Maximize the value of inventory management system

Most computerized inventory management systems lack a perpetual inventory management model. Such systems help in keeping tabs on all products in stock and automatically places an order for more product needed to maintain a certain inventory level. The company will need to adjust the parameters depending on the demand. This ensures that the order threshold and amount match the new future demand. Even a computerized system needs to be monitored and maintained for accuracy.

Shed excess inventory

Pharmaceutical inventory loses value as it ages. So, carrying excess inventory amplifies the risk of losing thousands of dollars on expired, unsaleable products. A pharmaceutical company can’t sell products once they pass their expiration date. Although demand can fluctuate from day to day, a week’s worth of inventory should be more than enough to accommodate even unusual spikes in daily demand.

With a capable supply chain and inventory management process in place, there is no looking back for companies in the pharmaceutical industry. But are you there yet? If not, SpendEdge is here to help. Request a free proposal now!

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