Inventory Management and Warehouse Automation
Why do I need inventory services?
→ In order to ensure that you have the right amount of supply of goods in your business, it is essential to have inventory control. Inaccurate inventory reports create shortages, unsold goods and wasted warehouse space. By performing a physical inventory count your business can keep its data accurate and updated. With correct inventory reports, you will be able to maximise gains and minimize deprivation of your business.
What is a good inventory system?
→ A good inventory management strategy improves the accuracy of inventory orders. Proper inventory management helps you figure out exactly how much inventory you need to have on-hand. This will help prevent product shortages and allows you to keep enough inventory without having too much in the warehouse.
What are the challenges that businesses face while managing inventory?
→ Most businesses face huge losses when their inventory is not managed efficiently. A functional inventory management system can help you identify the cause of the following issues so that you and your staff member can focus on production and customer service rather than worrying about inventory
-Spoilage of goods
-Excess storage costs
-Losing goods in the warehouse
What are the advantages of inventory management?
→Better Inventory Accuracy: With solid inventory management, you know what’s in stock and order only the amount of inventory you need to meet demand.
Reduced Risk of Overselling: Inventory management helps track what’s in stock and what’s on backorder, so you don’t oversell products.
Cost Savings: Stock costs money until it sells. Carrying costs include storage handling and transportation fees, insurance and employee salaries. Inventory is also at risk of theft, loss from natural disasters or obsolescence.
Avoiding Stockouts and Excess Stock: Better planning and management helps a business minimize the number of days, if any, that an item is out of stock and avoid carrying too much inventory.
Greater Insights: With inventory tracking and stock control, you can also easily spot sales trends or track recalled products or expiry dates.
Better Terms with Vendors and Suppliers: Inventory management also provides insights about which products sell and in what volume. Use that knowledge as leverage to negotiate better prices and terms with suppliers.
More Productivity: Good inventory management solutions save time that could be spent on other activities.
Increased Profits: A better understanding of both availability and demand leads to higher inventory turnover, which leads to greater profits.
A More Organized Warehouse: An efficient warehouse with items organized based on demand, which items are often sold together, and other factors reduces labor costs and speeds order fulfillment.
Better Customer Experience: Customers that receive what they order on time are more loyal.
What are the three major inventory management techniques?
→ The most popular inventory management techniques are the push technique, the pull technique and the just in time technique.
The Push Strategy for inventory management
The push strategy is a method of inventory control in which items are “pushed” down from manufacturer to store, warehouse or business. There, a customer or employee will then purchase or use the item from inventory on hand.
The Pull Strategy for Inventory Management
The pull strategy is a method of inventory management in which a store, warehouse or business “pulls” an item only when a customer or employee orders it. Instead of an item moving down a supply chain, it moves up–which can take a lot of time.
Just-in-time Strategy for Inventory Management
The just-in-time inventory strategy is like the pull strategy: businesses order inventory “just in time” to fulfill a customer’s order or a business need. Of course, successfully implementing a just-in-time inventory management strategy requires reliable suppliers, vendors and third-party logistics partners.
How to choose which inventory service is best for my business?
→ It is essential to do complete physical inventory periodically, depending upon the size of your warehouse or store. A physical inventory service helps you create a balance between inventory coming in and going out. A partial inventory service keeps you from running out of stock for items in high demand. It allows you to order goods in advance and always have buffer stock.
Why should I choose Trehan Consulting Group?
→ Trehan Consulting Group has highly experienced supervisors and staff that provide you with accurate, precise and detailed cloud-based inventory reports with the latest equipment for you to monitor the flow of goods in your warehouse or retail store. We can help you identify:
-Our staff is well experienced with specialized training in order to provide you with accurate results without disrupting your business.
-Our latest handheld equipment allows us to manage your inventory and warehouse quickly and accurately
We are an internet a telecommunication company based in British Columbia and other parts of Canada. We are seeking to sell our products and services through door-to-door marketing. Can you help us?
→ Yes, we can help you. We have a team of sales professionals, who receive product training from your company and aid in the door-to-door marketing.
We would like to promote our product in shopping malls and trade fairs. Can you help us with this?
→ Yes. As we gain knowledge about your product, we will train our sales team accordingly. This knowledge will give them a better understanding of the product and help us provide better marketing services at various public places.
We manufacture cooking oil in Saskatchewan, Canada. We sell our products in the domestic market and want to export outside of Canada. We are seeking importers to buy our products at wholesale prices and sell internationally. In what way will you help us achieve this?
→ We have a database of foreign investors, who are either direct buyers or importers who are interested in international markets overseas.
We are a chain of restaurants, having more than ten outlets in Canada. We want to expand overseas and sell international franchise agreements. It can be for one or more countries. How can you help us explore this opportunity?
→ We have networks in different countries worldwide, who are willing to expand and invest in different ventures. We will find suitable contacts, as per your needs and introduce them to you.
We’re manufacturers of specialized products and believe Canada is not a suitable market for us. We want to introduce ourselves to Asia and South Africa. Can you help?
→ Yes, we can. But we need more information about your product. We can talk to our investors in your areas of interest and help you get associated with our retailers in those particular areas.
How long does it take for you to be able to launch our product in the selective market?
→ We can start right away. Although it all depends on the market conditions, your potential buyers, and the market you are interested in.