At the core of inventory management is a deep understanding of time. Inventory managers work in a just-in-time paradigm – keep enough inventory on hand to keep production flowing. It is a lot like being a chef – just enough is best and it must be timed perfectly! Inventory managers need to know how long it takes to complete their company’s orders and then to deliver it. They also need to know how long it takes for their inventory to balance, meaning how long it takes to transfer out of inventory the material used for orders. And don’t forget about knowing the time it takes for a supplier to deliver their product. Because inventory managers know these things, they know how much to order, and when to order it – all to keep their supply chain humming.
Time. When it comes to inventory, knowing the right time to order helps your business control its costs and deliver product efficiently. Automating inventory management gives you the necessary tools to compile data and removes the guesswork from your processes. In addition, software that can calculate and render the data in a digestible form, on a dashboard for example, makes it easy to keep your supply chain humming. After all, no matter what you do, the clock is always ticking!
Do you have the time it takes to analyze your inventory management? Do you have time to synthesize the data? Do you have time to study your processes and present the data in a meaningful, useful and timely manner? Inventory management software provides reports that help break down your processes allowing you to optimize your supply chain and help you get time back. Tick tock—what are you waiting for?
For more information about adopting an automated solution download this e-Book: Four Factors to Consider When Adopting Automated Solutions.