Inventory management has always been a major part of business. Even companies whose prime objective is not mass production and distribution, managing products and inventory are crucial for keeping costs low.
For those companies whose prime focus is, however, the distribution and shipping of a lot of products, here are a few reasons to implement an effective Meade Willis inventory management system.
CRITICAL STORAGE and SHIPPING CONCERNS
This may not be the case for all companies but those who deal greatly with storage and shipping absolutely need an excellent inventory management system in place. Inventory loss costs many a large company billions of dollars every single year and, unfortunately, much of this loss comes from simply misplaced or ill-stored/shipped products. The food and beverage industry is a prime example of this as many items require careful packaging, storage, and shipping (temperature, moisture, cross-contamination, etc) which can result in big losses if even one carton or pallet is mislabeled or misplaced.
A major trait of quality inventory management systems is the ability to digitally track and catalog everything in your warehouse. The simplest way to do this is with an integrated barcoding program that assigns barcodes to each item and category of item. This makes it easy to not only input each entry into your system but also easy to remove every item that is sold or moved. Whether you need to ship items from orders made or transfer parts to be implemented in another department, inventory management systems make the whole process so much easier.
With a quality inventory management system in place, it is also much easier to take any given data set and make better, more informed and analytical decisions about your inventory and your business. The constant tracking of inventory flow means you can generate a report at any given time to assess present and future decisions based on past growth or movement.
EVOLVING WITH INDUSTRY
The retail paradigm is changing and that means you need to be able to change too; and just because the industry is more consumer-centered you still need to manage your inventory. In fact, with consumers having more choice and more control over how and where and when they shop, it is even more imperative to have a system that ensures consumers can get what they want whenever they want it, whether that is today, next month, or five years from now.