Tag: inventory 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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A Beginners Guide to Vendor Management and Ways to Tackle the Key Challenges

Vendor management today is not just about comparing prices and finding the supplier with the cheapest price for a product or service, it is ultimately about building better vendor relationships that will ultimately benefit both the parties. Vendor management process allows organizations to control costs, strengthen service, and reduce risk throughout outsourcing the processes to vendors while extracting the most value from the investment.

Vendor management process

For successful vendor management process, companies must take a strategic approach to build and maintain relationships with their best vendors. Good suppliers are hard to come by, so it’s important to nurture the relationships with the suppliers that companies don’t want to lose. Vendor management process is typically broken down into four main steps:

Establish business goals

Define the business goals clearly and be as specific as possible. In order to successfully undertake vendor management, you need to know exactly what it is that you’re trying to achieve. Vendor management becomes easier where there are pre- defined performance parameters to compare.

Choose the best vendor

Companies will have to weigh the pros and cons of different vendors. Some questions to ask here include: Does the vendor have extensive experience? Are they stable? Have they worked in similar environments? Do they have standardized processes and provide economies of scale?

Manage vendors

This is the routine activity of monitoring performance and output. It’s the best way to make sure that the terms of the contract are being fulfilled. This step involves extensive communication to offer approvals, disapprovals, feedback, changes, and everything that is necessary to deepen the relationship.

Consistently meet goals

Companies aim to consistently meet their goals over the course of their relationship with the vendor. This means managing the vendor regularly to better influence and meet performance objectives on a regular basis.

Whether you’re managing 10 vendors or 1,000, SpendEdge can help you radically simplify how you track, manage, and pay your vendors. Request a demo to know more.

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