To say that inventory management is useful in any business is an understatement—it’s paramount to success. But while many are planning to have it, they don’t truly succeed for two reasons; lack of a great warehouse management partner and a cost-cutting inventory management process.
What Makes an Excellent Warehouse and Inventory Management?
Your choice should depend on your needs and preferences, though you can use the following as a guide:
Storage : Find a company that has warehouses located in various areas to facilitate speed of delivery, receipt of new inventory, and their management. These facilities also have to be properly conditioned to maintain the overall quality and condition of the products.
Delivery Time : The best product fulfillment teams must be able to deliver the goods to retail stores, homes, commercial establishments, and other designated locations at the soonest time possible or on the schedule.
Thorough and Secure Processing : The warehouse and inventory manager should follow industry standards without exceptions. This is one of the most recommended ways to minimize errors and inventory theft, as well as to make the process more efficient and cost effective. It normally entails the use of tracking numbers, proper verification and documentation, and real-time tracking.
Accountability : What happens if inventory balances cannot be reconciled? What if one of the products become lost in the warehouse? It’s a great to know that your product fulfillment team is willing to be accountable for mistakes and oversights. Usually, you either get a refund or have the product replaced at zero cost on your end.
Accuracy : Although there’s no such thing as perfection, you also cannot afford to have a lot of loopholes in warehouse and inventory management, especially when it comes to accuracy. Wrong data can have a huge impact on financial positions and statements, poor inventory management, and low customer satisfaction and service. But how do you ensure a high level of accuracy? It starts with an in-depth audit trail process where packages are always monitored or checked and the system in place audited or subject for review regularly. This is to ensure that any potential issue that can affect the accuracy and service of the warehouse is addressed immediately.
Speed of Doing Business : Getting a warehouse and inventory management system in place doesn’t have to be quick. Rather, NPF should sit down with you first to identify your needs and determine the best way they can help you. Nevertheless, the setup must not take more than a week, especially if it’s truly a world-class, reliable company with several years of industry experience.
Personalization : Even if some businesses may look and sound exactly alike, they are still completely different entities with different needs. Instead of forcing one warehouse and inventory management framework to fit into the company’s needs, such models should be flexible enough to be easily customized as solutions for clients’ problems.