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The Benefits of Inventory Management
All too often, companies overlook the importance of managing their inventories, to produce the most efficient way of fulfilling orders, in response to demand. Without logical inventory management systems, companies have immense difficulty in keeping up with orders. This has a chain reaction effect in which orders are not fulfilled accurately or on time and so this leads to reduced customer satisfaction. This bad management could lead to a loss of sales and generally reflects badly on the company image or brand. Therefore, it is imperative to have an optimised inventory management system, in order to be in control of stock levels, maintain high level of customer service and reduce overheads.
Firstly, a well optimised inventory management system would accommodate for the ‘historical needs’ and the fluctuations in demand for your stock. Without this mechanism controlling the flow of stock in and out of the inventory, your company can be left with excess stock, which is liable for tax and warehousing costs. It is vitally important to forecast accurately and keep inventories low to keep margins as high as possible.
Secondly, an optimised inventory management system can prevent the converse effect of under stocking. Not having enough stock can incur costs from ‘rushing’ to gather the resources needed to fulfil an order. This can also lead to a delay in the delivery of the product or service, which will have direct repercussions on customer loyalty and references.
When it comes to inventory management, the best solutions are never ‘one size fits all.’ The most cost efficient way to make sure your inventory systems are optimised is to call on the expertise of Inventory management consultants. Located in Royal Leamington Spa, Warwickshire, Gideon Hillman consulting has developed proven formulae and methodologies, to create optimal inventory management solutions. Gideon Hillman are also ISO 9001 accredited, with vast inventory management knowledge and first rate management tools, in order to meet the changing needs of your business.
For more information about inventory management and the services availible, please visit www.hillman-consulting.co.uk
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