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Inventory Optimization Increases Profits

[Image courtesy of Erik Söderström via Creative Commons.]

 

You have products ready for distribution and delivery.  But now you ask yourself:  Where are they?  And how can we move them more efficiently at minimal cost?  If you could only improve your inventory processes, you would be able to optimize warehousing, distribution, and delivery.  Just think how you could increase your profits with a more effective inventory management solution.

Inventory optimization must be a priority for every company that houses and delivers a physical product.  And while your company is keen to focus on your product, you may not be as confident in your ability to control its warehousing and delivery.  In this case, you may benefit from a more robust strategy of inventory optimization.

It may be that there are many questions unanswered by your current system.  Are you able to clearly track and record key milestones in your order management system?  Do you know what the true profits are on your product after inventory costs are considered?  Can you effectively track the location and delivery of your product as it makes its way to the customer?  Do you make use of 21st-century processes to help you compete in today's market?

Here are some things to consider when evaluating potential inventory software buys:

  • Do the features of the new software meet business requirements?
  • Will it be easy to use, or will it require significant training for personnel?
  • Will it integrate with existing software?
  • What will be the costs required for procurement and implementation?
  • Will the software be adaptable to potential change and growth for years to come?

A comparison of supply chain software shows that there are many options.  Choice of software will depend on many factors, such as features, ease of use and cost.  In every industry, there are key performance indicators to measure success in particular areas.  Every field has its own terminology and areas of expertise. It maybe that you need outside help. Choosing the right software for your company may require professional consulting services to analyze your current business processes and find the best way forward. Whatever the path, optimizing your inventory with the best software should be at the top of the list for every manager in the supply chain.

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