ITQlick firmly believes that the combined functionality of analytical tools and industry best practices are keys in creating your cohesive inventory. Choose Solutions that Follow SCM Best Practices Here is another excellent resource: 11 Ways to improve order management in a business. safety stock levels), those that strike the right balance between customer service and cost-effective product inventory levels, and those that determine the frequency for ordering and inventory production are the companies that are able to achieve the best possible improvement percentage. The research also showed that companies that apply inventory best practices (ex. Research conducted by Bain & Company in 2011 revealed that class supply organizations are able to improve their inventory levels between 20% and 50% by employing sophisticated analytical tools. What’s great about modern Inventory Management Software solutions is that they follow the industry’s best practices and standards in Supply Chain Management (SCM), more specifically Warehousing and Inventory Management (WIM). If you have this system implemented in your warehouse or inventory store: creating a cohesive inventory is much more attainable. Inventory Management Software may not completely eliminate inventory issues but one thing is for sure. Whenever there are problems related to inventories, their entire supply chain operation can be put at risk.
It is even worse in large manufacturing companies that manage WIP, MRO, raw materials, spare parts or finished goods inventories. This situation often leads to unfulfilled orders, resulting in unhappy customers. Inventory theft and failure in updating the system on time are common issues in warehousing and inventory operations particularly in many retail and distribution companies.ĭue to lack of strict policies, inventory count mismatch between system and actual records often affect the normal flow of operation.
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