When you start exploring the world of warehousing, you will hear the term “inventory management” a lot. While the basic definition of this term is fairly explanatory (it involves the management of the inventory for your business), there are a variety of services that may fall under the umbrella of inventory management. In this guide, we will take a look at what warehousing inventory management really is and the different types of services you can get along the way.
Maintain Data for Incoming and Outgoing Products
One of the major tasks associated with inventory management is keeping track of incoming and outgoing products for a business. This data is stored within the inventory management system (IMS) and relayed to the client (you) in real-time. As the client, you will be able to make sure that your shipments are coming in and going out when they are supposed to, and you will be able to see potential problems early on. The more informed you are, the better you can communicate with your customers.
Know Where Your Products Are at All Times
Most inventory management systems use a series of codes and tracking numbers to monitor where items are in a warehouse or in some part of the logistics line. Pallets, boxes, and individual items are all coded with their own unique numbers. These numbers will allow you to pinpoint exactly where your products are at all times, and it will help you keep track of shortages and surpluses in your inventory levels.
Measure Your Cost Control
As with any management solution, the goal with inventory management is to keep your costs as low as possible while keeping your profits as high as possible. You can do that by liquidating inventory that has been around for too long, re-organizing your storage solutions, expanding your storage to accommodate high-demand items, and much more. The team here at Overflo is here to help you every step of the way so you can keep your business running its best.
Have Easy-Access to Tax Records
When tax time rolls around, your inventory management system will provide you with many of the records necessary to complete your taxes. You will get a breakdown of costs, orders, sales, etc., which you can immediately turn over to your accountant. You can also give your accountant access to the inventory management system so he or she can keep a close eye your fluctuations throughout the year.
The Importance of Real-Time Inventory Management in Warehousing
No matter what warehousing provider you choose to work with, you need to understand the importance of real-time inventory management. There are plenty of IMS platforms the market today, but not all of them provide accurate data in real-time. Something as simple as a one-day delay could throw off your ordering system completely, thereby costing you money unnecessary inventory.
At Overflo, we work with the latest inventory management systems the market to ensure that our customers are completely informed about their inventory levels. All of our programs are integrated with one another so you can see exactly what you need to know at any time. For more informatiabout inventory management with Overflo or our warehousing services as a whole, feel free to give us a call at 1-800-626-0616.