Inventory management is a crucial part of running a business and Mr. Husain (pseudonym) learned it the hard way. According to the inventory manager’s calculation, a particular piece of equipment is supposed to be available, and looking at this information, he decided to deliver the goods to his new customer. Even though he successfully managed to deliver the product from his inventory, he was shocked to see that it was the last piece of equipment left in his inventory. How is he going to deliver his products to the rest of his clients? He immediately contacts a new supplier for urgent stock renewal and pays a hefty amount for the miscalculation from his company’s end. Enraged, Mr. Husain decides to stop his semi-manual way of keeping track of his inventory through messaging apps and spreadsheets. He then goes on to do a bit of research on the internet about what is the best option for him. After reading a few articles, he realizes that adapting and keeping track of the new technologies that are available earlier would have saved him the trouble of spending a fortune to fill up his inventory. He comes across an inventory management software and is amazed by its one-stop solution for all his inventory problems. After a major meeting between the relevant stakeholders of the business, they finally decide to give it a go.
A Smart Decision
Managing inventory is crucial because that is where all your necessary machinery and equipment remain. Whether you want to sell to a third party or use it for your own business, it is certainly important to have enough of your inventory to keep your company’s engine running. We were privileged to speak to one of the key business personnel of a leading manufacturing company and here is what she had to say:
“Our company has been operating since before my birth and I am grateful to work with a company with such a rich history. After starting my position as an executive here, I learned to work on a lot of areas from the ground level processes. Most of my time was spent in the inventories department. Since we followed a classical approach in operating our business, we became too habituated and it actually almost became our downfall. Our main competitor was able to take a huge chunk of the market share and we initially did not understand why. Clearly, we had good resources and very efficient and brilliant minds. What went wrong, we kept asking ourselves. One of our leaders then suggested that we opt for an inventory management system that would bring the hassle down to an easy-to-use system. Since then, we slowly managed to operate virtual warehouses, get proper visibility of all our items, transfer bins easily, and create a digital check and balance system. It’s just perfect.”
Top 4 Perks
Inventory management is often considered a tedious process that can actually be made efficient with applications as mentioned above. Here are some of the key benefits of having one in your workspace:
Virtual warehouses: With just a phone on your palm, you can now create virtual warehouses where you can check how many items are available in the warehouses. Moreover, technicians can check for the availability of items available. Users can also locate missing parts within the warehouse with just a few clicks and transfer items from one warehouse to another without any hassle. and your team aligned with the tasks at hand, email reminders telling you exactly where you stand in the process of service delivery can aid you in keeping your promises.
Warehouse management: Gone are the days when you have to stay on the lookout and guard your warehouse 24/7. You can simply check your phone or computer to get visibility on the number of items available and whether any of the parts are returned or being utilized. Furthermore, you will be able to keep tabs on who is checking in and out. With this system at your disposal, unauthorized or unmonitored utilization is a thing of the past.
Transfer of inventory: Your bins can now be transferred digitally with you sitting at the comfort of your home or office. You can set details on each bin for example, a bin containing fragile materials can be labeled as such. Furthermore, it will enable you to assign the right person for the bin and place job orders accordingly.
Check and balance system: No longer will you have to worry about bins being mismanaged. When equipment is being transferred from one bin to another, an approval form will need to be filled up by the assigned individual who can update all the necessary information in real-time through their phones or computers. Efficiency will surely increase for your organization.
The Backend Matters
Inventory management, if done right, can change the entire landscape of your organization in a matter of months. It is the internal management that truly dictates how the organization is going to run. And if your business can streamline the process with an inventory management tool such as Custella, the backend burden can lay to rest. So, are you ready to make your life easier?
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