Inventory Management: Make the Right Decisions at the Right Time
When it comes to inventory management and decision-making, manufacturers often have more questions than answers. Of course, there will always be questions about inventory control - How much do we have? Where is it located? How soon can we get it? Do we need to reorder?
But there are also more complex questions involving inventory management and strategic decisions to be made regarding material and finished goods inventories - as well as the analysis of how each of those decisions affect a myriad of business processes, from production scheduling to financials. The fact is, a manufacturer's inventory management policies and practices can have both direct and indirect consequences, and these consequences can have a long-lasting impact on the company's economic, operational, and customer service performance.
Some complex inventory management questions might include:
- What minimum/maximum quantities should we keep on hand to maintain a good balance between supply and demand?
- How can we track the movement and location of materials and supplies from their source, at multiple sites, in-transit, and right to the receiving dock?
- How can we design a supply network to optimize our sourcing and distribution strategies to increase efficiency and reduce waste?
- What industry best practices can we follow in implementing initiatives such as eKanban, or Vendor Managed Inventory?
- How can we ensure accurate tracking and reporting of inventories across functional areas when everyone's working from a different set of spreadsheets and we just don't have time for frequent inventory counts?
The Answer? Enterprise-Wide, Multi-Functional Inventory Management
To address today's needs, companies can no longer rely on yesterday's manual and non-integrated inventory control methods. These isolated point approaches only contribute further to the disparate "islands of information" that can lead to costly missteps and errors in judgment.
Imagine what would happen if a company such as yours could implement an automated, technology-based software solution combining inventory planning, inventory control, and inventory management. A deeply functional solution that can track all materials movement across the enterprise - even beyond the four walls - and report a single, accurate view of that information in real-time to everyone who needs it, anytime and anywhere. A sophisticated solution that can integrate up-to-date information in real time - at whatever level of granularity is required - so that executives and functional decision-makers would all be playing from the same playbook. What a difference that could make!
That technology is here today - and progressive manufacturers are already finding out how it can help them reduce inventory stock levels and costs, provide global visibility, make more informed decisions, and optimize the balance between supply and demand. With effective enterprise-wide inventory management and control, you too can meet today's competitive challenges while maintaining profit margins and desired levels of customer service.
GSInnovate Inventory Edition from Glovia Services is a dynamic, fully integrated, on-demand inventory software solution. GSInnovate Inventory Edition requires no additional software, hardware, or IT staff and can be implemented quickly and easily, without disrupting your business. To learn more, request a Web demo for a closer view. Or call 1-877-474-8896 to speak with one of our inventory experts.
