Inventory Management Techniques
For firms carrying inventory, comprehending and successfully managing their inventory is vital to ensure ideal profitability and cash flow within the business. Here are a few inventory management techniques you can use in your business:
- Adopt a connected cloud-based business management platform with real-time pricing analytics
- Update inventory records promptly to better manage stocks
- Split inventory into different categories and analyze categories separately
- Maintain an active working relationship with suppliers
- Utilize mobile devices where possible
- Design a best warehouse layout that suits the inventory
- Undertake an annual full inventory stock take
Our expertise in logistics and supply chain management helps ensure product availability across a complex ecosystem of distributors and channels without inflating inventory. Contact us for personalized solution insights.
Inventory Management Process in 6 Steps
In e-commerce and omnichannel companies, inventory management, including tracking and preserving inventory for orders, is crucial for maximizing sales and improving customer satisfaction. Additionally, the inventory management process is isolated throughout the business and is problematic to analyze how to improve accuracy and timeliness. Here we outline a 6-step process for assessing your inventory systems and developing an action plan for improvement.
- Assemble Your Team
- Assess the Objective
- Understand the Big Picture
- Document Inventory Processes
- Integrate with All Inventory-Related Systems
- Develop an Action Plan
For more than 15 years, Quantzig has worked with 120+ clients, including 55+ Fortune 500 companies, and assisted them with end-to-end data and pricing analytics and management services to leverage their data for practical decision making.
Continue reading to know more about pricing analytics for inventory management firms or request a proposal.
The client is a leading multinational firm based out of the United States.
The inventory management firm was finding it extremely difficult to sustain pricing change as each of their divisions had a significant amount of pricing independence, including having unique data structures and customer classes. Additionally, the client recognized the need for a steadfast pricing organization and well-defined pricing roles to create an effective division of pricing responsibilities, develop internal tools and train employees.
Our holistic approach to inventory management helps exploit data transparency up and down the supply network by leveraging advanced algorithms, request a free solution demo to know more.
With the help of Quantzig’s pricing analytics engagement, the inventory management firm identified positive margin growth opportunities across all divisions. This included creating a step-change in the client’s own competences to ensure continued returns for future businesses.