- March 18, 2023
- Posted by: Team Prudence
- Category: Uncategorized
Why do we need Inventory Planning?
Here are some benefits
With solid inventory Planning you know what’s in stock and order only the amount of inventory you need to meet demand you can also easily spot sales trends or track recalled products or expiry dates
It saves time that could be used in other activities
A better understanding of both availability and demand leads to higher inventory turnover, which leads to greater profits
Challenges Faced by Companies When It Comes to Efficient Inventory Management
One of the major challenges companies faces is dealing with poor quality of inventory data. Without accurate and up-to-date information on available stock levels, warehouses can become stuffed with overstocked items or suffer from lack of supply when out-of-stock items are required urgently.
When there’s a lack of reliable data about their products and suppliers, businesses struggle to make decisions that will benefit their bottom line
Poor tracking processes contribute further by failing to measure risks associated with customer demand fluctuations as well as industry trends or technological advancements that could change consumers’ buying habits drastically over time
Benefits with Prudence Consulting
Prudence Consulting helps reduce errors from manual entries and frees staff from repetitive tasks.
We provide access to real-time information
Prudence’s team works with clients to ensure efficient utilization of their inventory systems for both shortterm gains as well as long-term success
Improve Product Visibility in Recalls, Digital systems allow managers to use lot or serial number records to trace products by date and location.