AT A GLANCEChallenges of an inventory can be both daunting and persistently confusing for shippers/ suppliers; however, a strategic re-evaluation can do wonders to your inventory management.Accuracy, agility, and quality seem to be the main driving factors in today’s inventory management scenario.Companies need to make the necessary changes to their approach to inventory management strategies today to have a seamless supply chain and, eventually, a satisfied customer base.As technologies and the latest strategic trends bring on a blanket change across various industries and their related subsets of functions, organizations need to adapt to these trends.
Thus, both B2B and B2C markets continually look for ways to efficiently manage their inventories’ challenges.48%of supply chain and transportation executives say they are experiencing the need to reevaluate warehouse locations due to shifting trade patterns resulting from changes in the U.S. economy.Source: A Report by Forbes InsightWhether you are a manufacturer, supplier, or retailer, the road ahead to managing your inventory effectively is full of complexities as well as opportunities.
Let us look at various good inventory management practices that will help you unravel these problems while tapping many efficient inventory management options.01.Be Efficient When You Go OmnichannelThese days, the customers/ consumers are empowered by various online applications, e-stores, and even physical shopping options to complete their order.
An omnichannel store that operates both physically and online needs to purchase data and patterns for predictive analysis to preempt customer demands and stock their inventories accordingly.FIGURE 1:An Omnichannel Retailer’s Inventory02.Create an Efficient Connected EcosystemLong gone are the days when inventories were simply warehouses located close to the supplier base and managed as a separate function.
Companies are setting up distribution centers closer to the customer-base to help streamline order fulfillment.
Also, these distribution centers, when integrated through a common and efficient warehouse management software, can share data and prevent stock-outs.04.Balancing the Influx of InventoryThere has always been discord between stocking up on inventory and the actual space available in shippers/suppliers’ warehouses to store the inventory.
