Inventory management is important for all sized businesses. Within this hustle and bustle of activity, items are being ordered, processed, and then delivered to customers. However, sometimes these orders may run into issues when inventory is not accurate. As a result, you may end up with too little materials or reversely, too many. In fact, 7 out of 10 online shoppers will look at other competitor offerings instead of waiting for them to be in stock.
Inventory management is used to provide accuracy and clarity throughout the logistical process. Inventory management also provides greater transparency if there is an issue. One way to avoid running into these issues is by using an inventory management system. These systems allow staff to monitor the supply chain in real-time.
A balanced inventory management system provides employees with real-time data. This helps products arrive at the right time as well as set appropriate prices for the offered goods. Tagging inventory can also help produce transaction history which, in turn, identifies further insights into your warehouse process. In addition, having a balanced inventory will save 20% to 50% on warehousing costs. Make sure to consult the infographic below for more information on the importance of accuracy in inventory management.
Infographic created by WSI, a 3pl distribution company