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The process of ordering, storing, utilizing, and selling goods is known as inventory management. It includes raw materials, components, finished product management, commodity warehousing, and processing.
What we do
1. Prioritize accessibility and location
We ensure that the warehouse (or other inventory storage location) is easily accessible, well organized, and easy to access. Otherwise, instead of focusing on more important tasks, your personnel will be hunting for goods that should be easily accessible.
3. Inventory Optimization
My Chain ensures an optimal inventory, which means having the correct number of items, neither too few nor too many. There will not be a situation where you do not have the stock and cannot supply it when demanded.
2. Select a good layout and floor plan
We evaluate the efficiency of the warehouse or other inventory space after a few months of operation. Address the problems you identify with the storage, spacing, or inventory procedure, and make any necessary adjustments.
4. Plan A Count-Cycle
A timetable at work to appropriately monitor product flow rather than waiting for an opportunity to count your inventory is an essential aspect of inventory management operations.
What are the benefits of Inventory Management?
Real-time inventory tracking improves inventory management and guarantees that you have enough stock to fulfill requests. However, most retail firms have an inventory accuracy of only 63%. With proper inventory tracking, you can avoid overstocking, lowering the cost and physical labor necessary to keep it.
Inventory management is automated by integrating robotics and artificial intelligence, saving time in inventory forecasting and optimizing pick-pack operations. Automating these operations frees staff to focus on other vital jobs and design solutions.
The inventory management system alerts warehouse managers to refill goods on time and avoid stockouts. Improving inventory management efficiency reduces the likelihood of errors, and fewer errors necessitate fewer resources spent on error correction. It also prevents overstocking and saves money on holding expenses.
Improves customer service
In today's competitive e-commerce sector, providing your clients with a decent purchasing experience is critical. Positive reviews and word-of-mouth advertising can help you generate more conversions by encouraging repeat purchases from happy customers.