Inventory planning and Management

The word “Inventory” stands for the merchandise a business wants to sell to customers and make a profit. Managing inventory is a key step of the supply chain; it involves tracking inventory from the manufacturer to warehouses and then on to a retail center.

Why is inventory important?

Inventory management aims to have the exact products needed in the required quantity at the right place and at the right time. Inventory planning and management systems include:

 

1.   Overseeing of purchase: Goods that are ready to be sold are bought and transferred to the warehouse (or directly to a retail center)

2.   Stock maintenance: The goods in the inventory are stored in expectation of demand.

3.   Order fulfillment: The extent of product for sale is controlled for optimum Management and dispatched to customers to fulfill orders

Inventory is a business’s most vital resource, and it has to be maintained at optimal levels. Low levels of inventory, when needed, can cause customer dissatisfaction. On the other hand, a very large inventory has disadvantages like the cost of storage and insurance and the risk of damage. Finding the right inventory balance can make all the difference to a business’s bottom line.

Is inventory management the same as warehouse management?

No, they are interconnected but different aspects of the supply chain process. Inventory management is about the actual products or materials that are held within a Warehouse in Los Angeles. Warehouse management is more about how individual items are moved around the warehouse, from the time they come into the stock until they are ready for shipping out. The technology, equipment, and people involved in the process are critical to successful warehouse management.

If you are a growing business that needs help to manage inventory and warehousing, it is advisable to call in a supply chain consulting firm.

For any query connect with us at (805) 267-1214
Our Email: contact@advatix.com
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Tips for managing your inventory

Inventory management is a crucial part of business profitability and bottom line. Some brands may have too little stock creating a bad impression with customers. And with some cases, over-stocking is also a problem creating losses in the long-term. Good inventory management lies in between these two extremes. Inventory management requires a lot of planning and is always worth the effort.

Managing your inventory is an important lesson you will learn in your business journey. Let us discuss a few important tips that will help to manage your inventory easier.

●     Keeping records of product information for items in your inventory is crucial. Data like the suppliers' countries of origin, lot numbers, barcode information, etc., should be stored for better tracking and Management.

 

●     Regardless of your inventory audit frequency, make sure to physically count your inventory to ensure it matches your idea of the stock.

 

●     It is important to analyze your suppliers' performance credibility and reviews time and again. If you incur problems with supply chain logistics, it is best to discuss them with your supplier. Always have backup partners and suppliers to deal with changing stock levels.

 

●     The 80/20 inventory rule is a lifesaver for many businesses. According to the rule, 80% of your profits come from 20% of your stock. Your inventory planning and management priorities should be for the 20% of items. Invest time in studying the life cycle of these items as they make the most money.

 

●     Create a standard for how you receive stock within the organization make it a rule for every employer to follow the standard practice for hassle-free inventory management.

 

●     Tracking sales may seem like an obvious thing to do for business owners. But do you track the more important aspect of your sales? For example, is the sale of an item seasonal? Or do some items sell together? Understanding the finer details of your sales helps keep your inventory in control. 

As businesses grow, it becomes increasingly clear for business owners that automating inventory management is the way to go forward. Investing in inventory management software and call center outsourcing companies is a helpful tip for businesses learning to manage inventory.

For any query connect with us at (805) 267-1214
Our Email: contact@advatix.com
Visit Us: https://www.advatix.com

Supply Chain Management Through Technology

E-commerce today is wide, deep, and constantly changing, so to be effective, it should be capable of rapidly meeting new demands. Customers now purchase products through different modes. They expect consistency of quality and service however they choose to shop; digitally, from retail stores, or by a phone call. An effective supply chain management is the key to a smooth and systematic customer shopping experience.

To reduce the burden on your capacity and help you concentrate on your core business, it may be a good idea to seek the help of a supply chain management companies. They will guide you on the use of innovative technology, which is the need of the hour.

Supply chain technology

Digitization of the supply chain includes

·     Integrating the entire supply chain. The use of supply chain technology makes the process becomes transparent and uniform for external suppliers, warehouse managers, manufacturing units, and every unit involved in the supply chain

·           Record maintenance of all assets

·           Cloud-based solutions for ease of access and cost control

·           Keeping records of communications

·           Dashboards for analytics to help users analyze trends in the business

·           Integration with other systems that your business needs

·    The design of flexible software and hardware for upgradation as needs change

Inventory Management and technology

Digitization of inventory management and control can help in the following ways

·           Identification of fast-moving and non-moving stock,

·           Forecasting future demand based on current sales data

·           Timely procurement and production processing

·           Cost-optimization of orders,

·           Swift introduction of new inventory items

·     Aggregate purchase orders using all the information available to reduce costs and get a better procuring price

The use of technology in modern businesses is no longer negotiable if you want to remain competitive. It allows for faster product distribution and efficiently transforms repetitive critical operations to reduce time and costs. Since all the business information is available at one’s fingertips, it is easier to make strategic decisions about product lines, operational costs, and pricing.

For any query connect with us at (805) 267-1214
Our Email: contact@advatix.com
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What is logistics management?

Logistics management can be defined as having the right goods in the correct quantity and at the appropriate place in perfect condition for the right customer. The definition itself shows the magnitude of planning and control needed to run a successful logistics operation for your business.

How can a logistics management service provider help your company?

A logistics expert will keep your company’s corporate strategy in mind to devise a logistics operation tailored to your goals and challenges. If your strategy is to provide goods at the cheapest rates, the service provider will plan for your goods to be moved at the lowest possible costs. If, on the other hand, your company strategy is to always have an edge by reaching customers first, the logistics strategy will be to move things quickly rather than cheaply.

Logistic experts establish sensible and practical methods that will significantly enhance services combined with cost reductions. 

How can you manage customer expectations?

Keeping up with customer requirements and the changing dynamics of the marketplace is a challenge in itself. With a better quality of goods and services, customer expectations have also increased. They need more responsiveness to their orders. This demand can mean that they are given the option to cancel and refund orders placed. They also require real-time information about the order status.

Some companies believe that responding to customers using technology is sufficient. While this is true of repetitive and common queries, it cannot solve more complex requirements.

Services from expert call center companies that give professional and prompt responses to customers have become even more important as businesses grow across industries. Call center agents are trained to respond to customer calls, emails, and web/live chats. They will make sure that all customer queries and complaints are resolved satisfactorily.

For any query connect with us at (805) 267-1214
Our Email: contact@advatix.com
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Logistics consulting for Omnichannel Supply Chains

There are three critical aspects of managing your e-commerce business.

Logistics management is one of them since it involves the transportation of goods from your vendors to your customers. The second is developing an omnichannel supply chain. The third is managing your call center to attend to customer inquiries and grievances effectively.

 

Why should you use logistics consulting?

There are many things to be attended to in the planning, control, storage, and transportation of your goods from their origin to their final destination. Managing paperwork, warehousing, distribution, and choosing transportation methods could become time-consuming and take focus away from your actual business. Therefore, it may be a good idea to outsource the logistics requirement of your business to a logistics consulting company.

What is an omnichannel supply chain?

An omnichannel supply chain is a distribution system that helps your customers to transact through any channel.The operations and product flow are integrated across all channels so that no matter what channel they make their purchases through, the shopping experience is seamless. With an omnichannel supply chain, it does not matter whether your customer buys your products at a brick-and-mortar store,  on your website using a smartphone, or placing orders by talking to your sales team over the phone, the process of placing the order and getting the products will be the same.

How will an outsourced call-center help?

As an e-commerce business owner, you know the importance of responsive customer service.  A good outsourced e-commerce call center will provide your customers with the solutions they require 24*7 throughout the year. Service-orients and well-trained call agents can reduce customer complaints, poor reviews, and refunds.

Superior logistics management, a well-thought-out omnichannel supply chain, and an efficient customer call center can give you an edge in the competitive e-commerce marketplace.

For any query connect with us at (805) 267-1214
Our Email: contact@advatix.com
Visit Us: https://www.advatix.com 

There are two crucial aspects of managing your e-commerce business.

Logistics management is one of them since it involves the transportation of goods from your vendors to your customers. The second is managing your call center to attend to customer inquiries, grievances warmly and adeptly.

Why should you use logistics consulting?

There are many things to take care of in the planning, control, storage, and transportation of your goods from their origin to their final destination. Managing paperwork, legal issues in different countries, and choosing the right modes of transport could become complex and take focus away from your primary business. It may be a wise decision to outsource the logistics requirement of your company in the long run.

How will a logistics service provider help?

·      Through innovation: With strategic planning and reengineering processes, efficiency is built into every supply chain aspect. These would include improvements in the standard operating process and productivity of the workforce.

·       Through financial performance: A good logistics service provider will meet market demands of just-in-time delivery, the right shipment in the right place, and ensure customer satisfaction. They will also help with cost-estimations and negotiations with vendors.

·     The latest technology: Automation of manual processes and access to real-time information provided by a logistics service provider can improve your business's productivity. Billing discrepancies will also be easily identified because of automated bookkeeping with enhanced tracking processes.

How will an outsourced call-center help?

As an e-commerce business owner, you know only too well that the way you respond to your customers is often more important than the goods you sell.  A good outsourced e-commerce call center will provide your customers with the solutions they require 24*7. Skilled and well-trained agents can reduce customer dissatisfaction and paybacks.

Better customer support and Logistics management can give you a competitive edge in the overcrowded e-commerce marketplace to improve your revenue growth and profitability.

For any query connect with us at (805) 267-1214
Our Email: contact@advatix.com
Visit Us: https://www.advatix.com

Salient Features of Warehouse Inventory Management

A systematic order fulfillment process with sourcing, inventory control, packaging, and shipping makes up an efficient logistics supply chain. A critical part of this process is managing inventory in the warehouse

Warehouse inventory management.

When we talk about Inventory management, we are looking at keeping track of orders and matching them with the availability or non-availability of products. Once products are sourced from vendors and stored in warehouses, inventory management refers to the warehouse's contents. 

Warehouse inventory management through software

To allow organizations to track, control and manage activities related to the warehouse, one needs efficient processes and software. In the old days, it was done manually or with the help of MS-Excel. In today's e-commerce environment, which requires multiple warehouses and complex auditing processes, sophisticated technology set up by specialist IT consultants is non-negotiable.

Most business owners who are scaling up their business face the mammoth task of creating the right management system to manage their warehouse. They have critical questions about the right platform to use and integrate it with their existing systems.

How to find solutions

The right technology consultants will be able to help owners make the right choices. They will take the time to evaluate the current processes and see how best to use information technology to enhance performance.

Using warehouse inventory technology aims to boost processes like planning of deliveries, completing orders, and administering inventory with the lowest expenditure possible. There should also be a competent order tracking system to keep track of orders from beginning to end.  Businesses will benefit from reducing inventory through systems for just-in-time procurement, where customers' needs are met and storage overheads are minimized.

While it may not be evident at first, the benefits of excellent warehouse inventory management practices lead to happier customers.

For any query connect with us at (805) 267-1214
Our Email: contact@advatix.com
Visit Us: https://www.advatix.com