Maintaining a company inventory system is vital to a business because it provides priceless information, everything from knowing what stock you have and where it is, to incoming and outgoing shipments.
Below is a quick summary of company inventory management and why it’s so important to your business.
What is Inventory Management?
Inventory Management is everything to do with ordering, storing, and using your company’s inventory, from delivering raw materials to shipping out the finished product.
At each stage, the goods will need somewhere to be stored or warehoused often with a specific need in mind, from refrigerated warehouses for fresh produce to high-security warehouses for valuable automotive parts – all of this needs to be taken into account.
Controlling this flow correctly can make a huge difference for both a company’s schedule and its profit margins, and the THINK team aims to do exactly that.
JIT (Just In Time) inventory management is commonplace in businesses with tight production schedules, allowing raw materials to be transported to production lines no earlier than needed and reducing the costs of storing and inventorying them substantially.
Barcode inventory management is a necessity for larger business operations and has been the industry standard for some time, THINK uses a range of different barcode formats depending on the industry – allowing you to rapidly digitise your inventory the moment the items are scanned.
Our flexible and customisable software provides full traceability; meaning that you know exactly when individual items are being transacted and by who. Having an automated inventory management system means that once an item is scanned barcode stock management automatically updates the inventory database with current stock levels streamlining the process and providing easy-to-understand data reports.
If your business is looking to establish or improve an inventory system, or for a consultation contact us today.