Tag: Types of Inventory Management

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5 Keys to Evaluate Your Inventory Management Process for Biomedical Devices

With the emerging need to delicately balance the medical devices’ security and patient safety, medical device manufacturers are facing numerous challenges like reducing costs, better inventory management, improving efficiency, and allocating resources effectively. The need for inventory management solutions is increasing for medical devices manufacturers owing to the surge in demand for better healthcare products.

Poor inventory management or disconnected systems can lead to operational inefficiency and issues with order fulfillment, which rises concurrently with an increase in the demand. Additionally, it can also result in wastage of time, space, and can increase the cost of operations. Therefore, it is important for the manufacturers of medical devices to understand that creating a feasible model for inventory management is central to the sustainability of their business.

At SpendEdge, we understand the impact that an effective inventory management solution can have on your business. And to help companies manufacturing medical devices in the changing landscape of the medical industry, our team of experts has highlighted five ways to examine their inventory management process and improve their efficiency.

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Top 4 Inventory Management Techniques to Help You Save More Money

Inventory management is one of the most essential requirements for distributors and manufacturers, especially in a rapidly changing landscape where the paper and pen method of record keeping has become obsolete and we all are responding actively to digital transformation. Companies must keep their inventory management techniques up-to-date to have a proper understanding of the factors that influence their product inventory levels. This can help businesses to fasten the fulfillment process, minimize costs, and prevent fraud. An overstocked inventory is both cost and time inefficient and occupies precious warehouse space that could be used to store high demand products. On the other hand, if the lack of inventory makes you lose the sale then this could drive customers to competitors and could lead to poor customer service. Therefore, maintaining the right inventory balance in the warehouses is very crucial. In this article, we have talked in detail about various inventory managementContact US techniques and different types of inventory management techniques to help you save more money. (more…)

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4 Best Practices to Transform Your Inventory Management Process

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

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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.


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SpendEdge’s Inventory Management Solution Helps A Leading Wholesale Retail Industry Client Market Their Products Quicker Across Different Sales Channels

Project Background

A leading wholesale retail industry client evaluated their existing B2B supply chain in China and recognized the requirement to adapt it to accommodate a B2C model, where they would be selling their products directly to consumers. The transformation required an alteration in mindset as well as capabilities that the customer did not have within their current staff.

As a result, SpendEdge suggested various types of inventory management techniques to help the wholesale retail industry client overcome their challenges.Contact US

SpendEdge Advantage

As an international strategic partner for leading Fortune 500 companies across various industries, SpendEdge’s strength lies in delivering robust real-time procurement market intelligence solutions that help companies identify the various types of inventory management techniques to make informed decisions.

Adopt the best-in-class inventory management techniques to curb costs and achieve better results. Start your 14-Day Free Trial Now!

Client Profile

A leading wholesale retail industry client based out of India was facing challenges in finding a qualified partner, familiar with omnichannel fulfillment and with a proven track record in developing solutions for companies like their own, became their main priority.

Predicaments

One of the primary objectives for the wholesale retail industry client was to develop a customized solution to bridge the inventory gap and incorporate different types of inventory management techniques with respect to B2C in their capabilities.

Solutions Delivered

The solution revolved around identifying the most effective inventory management techniques to fulfill both B2C and B2B needs in China. The analysis also led to the recommendation to increase the focus on a warehouse in Beijing that would allow the customer to get their products to market quicker across different sales channels. This further helped the client improve margins by cutting out the middleman. The wholesale retail industry client has also begun discussions on expanding into additional countries as a strategic differentiator.

To know more about this engagement, request a proposal or continue reading to know about the types of inventory management techniques.

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