Inventory management enables businesses to procure, retain and sell items in such a way that the items are always in stock in the required quantity at any point in time. At Field, we offer vendor managed inventory program services for fasteners that create a highly effective and cost-effective inventory management systems. At Field, we help our customers benefit from an efficient supplier inventory management system that improves cost efficiency and achieves significant cost savings.
Prior to the modern area of vendor managed inventory systems, inventory management was done manually in books. If the books were in error, the business had to try to correct the discrepancy. The process could be laborious. Now, inventory management is carried out through software that helps businesses track their stock of items, orders, sales, and shipments to customers. Inventory management system software provides a number of important benefits, some of which are explained below.
More Efficient Inventory Management
With inventory data now computerized instead of on paper, product stock has become much easier to track and manage. This saves businesses time, money, and space, eliminating the stress and difficulty of human error and attempting to fix these errors on paper.
When a business has a poor inventory management system in place it runs the risk of accepting more orders than it has in stock product available to ship out. This results in disappointed customers with some of them requesting a refund. An efficient supplier inventory management system prevents the problem of overselling.
Enhanced Customer Service
With more accuracy and automation, products are sent to the right place faster. The system can even notify customers when shipments leave the warehouse and inform them when they will arrive. This helps customer relations and lessens the concerns of customers about timely product arrival.
With a reduction in errors, the cost of rectifying these errors is eliminated. An efficient supplier inventory management system helps you avoid storing an excessive quantity of items that customers are no longer demanding. Therefore, you can sell the remaining items quickly at a profit. Old inventory that is not selling eventually must be disposed of at some point or sold for a significantly reduced price, either of which is costly to a business.