It is vital to manage inventory with the utmost accuracy. Errors with the process if of tracking, recording, and forecasting inventory can result in insufficient stocking levels, unnecessary purchases, and delays in shipment. Inventory management systems create a streamlined process that significantly reduces errors within the supply chain. At Field, we offer superior custom inventory management solutions that provide excellent cost savings and enhanced efficiency.
What is an Inventory Management System?
An effective inventory management system utilizes the combination of technology with proven procedures and processes to efficiently track and maintain stocked items and their quantities. These systems allow businesses to supervise and organize their items, whether finished goods or raw materials to be shipped out to vendors and consumers.
While evaluating the right inventory management system to choose, here are some important factors to consider:
The Needs of Your Business
Prior to choosing a vendor managed inventory program, evaluate the needs of your business, accounting for the current process used to manage your inventory. This involves keeping track of past levels of inventory, supplier relationships, and procurement policies. By analyzing sales records, you can coordinate the needs of your business with your inventory. By reviewing the history of your inventory levels, you can identify where you have under- or over-estimated inventory and correct those issues going forward.
User-Friendliness of the System
Training employees to use new technology and can be time-consuming and expensive. When evaluating a vendor managed inventory program, pay attention to its feasibility and usability by your team. Here at Field, we will make sure your team is comfortable with the new system and make sure all the proper training is in place for your team.
Reliability of the System
Reliability of the vendor managed inventory program is critical. Knowing where your parts are, when they are arriving to you, and in what quantities proves for a efficient system. You should have the upmost confidence in your supplier getting you the parts when you need them, where you need them, and at the right price.