Supply Chain Management, Inventory Tracking and Management

Supply Chain Management

When we speak of supply chain management, this refers to the process of supervising product, finances and other information involved in business. Normally, the process starts from the supplier. The supplier then provides any of these three factors to the manufacturer. Afterwards, the wholesaler receives it and gives it the retailer who finally sells to consumers. This is like a never ending chain of supplies because it can go over and over again. So the purpose of supply chain management is to monitor this type of movements. To better understand this process, here are some of its basic components.

Strategic Planning

This is essential in supply chain management because with this, business owners can find the proper ways in managing different types of resources. It is in this component that all methods and techniques are being viewed and evaluated in order to see which ones can be efficient to use. With proper planning, the delivery of service to consumers can be of high-quality. The planning stage is an initial step to ensure that products and services can be utilized properly for the benefit of every individual component in the supply chain management.

Suppliers

In supply chain management, these individuals are considered to be the source of raw materials. They are the ones that produce supplies. Hence, they are usually contacted for to determine the prices, delivery process and payment terms for products. Once all of these are verified, the goods are then brought to different facilities for manufacturing. Then, production continues. Those products that are successfully tested are packed for consumers to avail. You can think of it as finished products or goods that are readily available in department stores.

Delivery of Service

This is the component of supply chain management which realizes the goal of this process. When goods are produced and manufactured, the consumers can have it by making purchases. Normally, consumers are expected to place their orders for a certain product. These orders are relayed to various companies that offer the goods that they wanted to acquire. After which, products are prepared and delivered. The process ends when the payment is received. But sometimes, this can be a crucial process due to unwanted circumstances such as in the case of product defects and oversupply.

So why do you think is supply chain management important in the field of business? It actually plays an important role in business. Through this process, companies and industries tend to find the resources that are necessary to meet the demands or satisfy the needs of consumers. It is like a network composed of various sources that work together for a certain goal. With this type of management at work, it is possible to maintain a smooth flow of business. Today, this process is made easier due to the different technological innovations that we have today. In fact, there is a lot of information regarding supply chain systems in the internet. With this development, most business problems can be solved including methods for product distribution, sharing of valuable data and inventory control and management.

Inventory Tracking Procedure

In various industries such as manufacturing merchandising, inventory tracking is considered a dreadful experience. This is the case if the tracking is done manually. Fortunately, there have been a lot of developments in the inventory systems nowadays. But even if you decide to avail a tracking system for your business, it can have a few disadvantages. Some of the common problems with these tracking systems include scanning issues, update failures and hard-drive data loss. In order to avoid these problems, here are some useful tips that can let you make your tracking procedure more efficient.

Be familiar with the inventory tracking process.

Most people do not want to engage in this procedure because it is time-consuming and it certainly require too much manual work if you do not have an automated inventory system. This process often involves a series of steps. First, you have to come up with the figures of your inventory through counting. Organize your inventory according to its attributes. With the use of an Excel spreadsheet, you can input this data and update it whenever you have to. But this is only applicable for small businesses that only have a few products in their inventory. For large businesses, having inventory management software is highly recommended.

Be Familiar With The Different Methods

These are methods that you can use in monitoring the movements in your inventory. The simplest among the known tracking methods is the two-bin method. It is used by placing quantities in bins. Whenever an inventory item is sold, these are removed from the bins. But when purchases are made, these bins can be filled again. Another method uses barcode scanners instead of bins. Each inventory item has a barcode. Normally, these are scanned upon a transfer of inventory items. Transferred items and purchased items are removed in the inventory through this process. Other than this two, there is also the RFID method that uses computer chips for tracking items. These chips send off an electronic signal which indicates a reduction of an inventory item. These are just some of the known methods that you can use to track you inventory.

Be Familiar With The Different Inventory Tracking Tools

In order to put tracking methods to work, it is necessary to find essential tracking tools. These tools can either be manual or automated. At present, the internet is filled with various software options that can be used for inventory tracking purposes. Among the most popular choices are GigaTrak, InFlow and IntelliTrack. There are those that can be used for mobile devices as well. All of these tools, when managed well, can maximize the effects of the different methods for tracking inventory items.

Inventory Management Systems

Have you experienced difficulties in handling your inventories? Do you need help in tracking and controlling your inventory? Would you like it be organized in such a way that your manufacturing process is made faster and more convenient? With an inventory management system, you can stop worrying. Though most business owners are hesitant in acquiring such service due to its high cost, this system actually offers a lot of advantages for businesses. To give you an idea, here are some of the known benefits that this system can offer.

Convenience

Having a business shall require you to properly manage your time in various tasks that needs to be completed within a specific period. With too much tasks to do, you only have a limited amount of time to manage your inventory. But with the help of an inventory management system, inventory control and management can be done with convenience. The system can help you in a variety of functions such as ordering and maintaining inventory through an automated approach. These functions will depend on the type of system that you have decided to acquire for your business. Hence, you have to choose which type of system is the best to have.

Automated Features

Since an inventory management system is capable of handling inventory needs through automation, you no longer have to spend on a few other requirements such as employee costs and transportation expenses. With this feature, the system lessens your need for manual work. In addition, this lessens the risk for unwanted losses that are often caused by theft and product damages. With the type of security that this system offers, these incidents can be prevented. So even if you have to invest for this system, it can still be returned in this manner.

Accurate Business Analysis

In using an inventory management system, you can easily conduct a business analysis. Based on accurate data in your inventory, you can easily determine the trend. With this, it will be easier to find out which inventory items are normally purchased in a specific month. This system shall provide you with an opportunity to track the progress of your business efficiently. This can be done with the aid of reviews and reports that reflect inventory levels including sales and exchanges.

Allowing a high-quality inventory management system to handle some of your inventory requirements can provide you with several other benefits apart from those stated. But this will also require familiarity in using it. If you do not know how to maximize its capabilities, this investment may not be worth what you spent. There is a lot to learn in using this system. In fact, you can undergo a series of steps to improve the accuracy of your inventory using this system. By doing this, you can make wise decisions concerning your budget requirements. If you wanted to experience these benefits and explore other possible advantages, you probably have to give this system a try. After all, the money you will spend for it can still be earned through it.

Inventory Solutions Company– PICS Inventory Solutions

One of the companies that provide inventory control, tracking and management services is PICS inventory. It is one of the leading companies that offers this type of privilege to customers from various industries such as pharmacies, hardware stores, clothing lines and grocery stores.

Credibility and Expertise

These are 2 of the things that you should look for. For PICS, for instance, people choose it because they trust what it gives and there is accurate proof for the numerous benefits that they have gained from it. Also, the people that work in the company you choose should all experts in their field. Who would not want to leave or entrust their asset information to someone who has the credibility to handle it properly? Matters related to inventory control and management can be tough to deal with. But with the assistance of experts, the task can be made easier with less or no hassle whatsoever, leaving the dirty task to those who can deal with it in the most convenient way, can be the best decision for you.

Quality Service

You should always look for a company that is capable of offering a variety of inventory services for different industries because they have the necessary methods, tools and equipment that makes way for an efficient service. This is one of the many benefits that any company can get out of PICS and other companies of its caliber. With the best resources on hand, this service provider is able to provide customers with accurate inventory details that are professionally organized. This somehow relieves the stress in doing business.

Continuity and Stability

Look for a company that is established but is also still growing. PICS, for example, continues to develop until its goals and missions are fulfilled. This is an advantage especially for those who wanted to avail this type of services. This can only mean more progress in business.

Accessibility

Getting these services should be made even easier through internet access. Online visibility and accessibility is one of the easiest means of communication. Make sure that the company you choose is easily reachable to assist you with anything, anytime.