When it comes to inventory management software, HOW you are using it that makes the biggest difference. Many distributors select a business management software solution based on the inventory management features that it contains “out-of-the-box”. However, if they aren’t taking a thoughtful and intentional approach to how the solution fits with their business processes and how it is being used, they will miss out on any of the inventory management efficiencies they had hoped to gain from the product.
According to Jon Schreibfeder, president of Effective Inventory Management, Inc., there are six steps to take in determining practices and standardizing processes within your software solution to ensure inventory management success:
- Take Control of Your Inventory to know exactly what is currently in your warehouse and what condition it is in so that you can properly determine when to reorder products.
- Keep Accurate Balances of Your Stock keeps your customers happier and your costs down by avoiding the need to over-order.
- Improve Your Forecasting Accuracy so that you can capitalize on emerging opportunities to do more with less.
- Manage Effective Parameters for Replenishment of your recurring usage stock to enhance your decision-making.
- Maintain Your Branch Locations’ Stock so that all of your branches can provide an equal level of service to your home office.
- Analyze Your Inventory Effectively by leveraging a comprehensive set of tools to ensure that you are investing in the right amount of the right products to remain competitive.
Get actionable details on how to take these six steps toward effective inventory management by downloading this whitepaper series today!