Managing your company’s inventory is vital to the success of your business. If you are running a business in the FMCG sector, you will need to keep a tight check on your inventory. If it is not managed properly, it can lead to negative consequences such as lost sales, stagnation in production, delays and financial losses.
Unfortunately, many businesses find it difficult to properly manage their inventory. Transmed, a distribution company founded in 1964, has been offering top of the line distribution solutions to companies throughout the Levant, Gulf, and African regions. They work with more than 40 multinational companies and has 25 distribution centers spread across 20 countries. The company provides fantastic inventory control and distribution solutions to businesses of all sizes.
Partnering up with a distribution company like Transmed will resolve all of your distribution and inventory related concerns. However,
Make a forecast of demand
Avoid having a shortage or excess of inventory by making a forecast of the expected demand. To ensure that you have an accurate demand forecast, it is vital that you keep a good record of all the products available in inventory, and when you expect them to be sold. In case the different seasons of the year influence your company’s sales, you should factor that in as well when making a decision.
Design an inventory policy
In order to keep strict control of your inventory, it is essential that you have a well-defined policy. In the policy, you can establish the level of finished inventory that you should always have in store, the classification of each type of merchandise and its time to sell, the time to place orders, dates in which audits and periodic reviews must be made, etc. Having this guide will help your company achieve better communication between the departments involved, as every person will have a clear idea about the levels of inventory to be maintained.
Automate your processes
Take advantage of technology! Nowadays, you can find various administrative systems exclusively dedicated to keeping track of inventory. With them, you can register your merchandise entries and exits, use the costing method that best suits the needs of your company, assign codes or codes to your articles, etc.
Team up with your suppliers
Analyze your chain of suppliers and detect which ones have the most impact on your inventory and on the operations of your company, so that you can negotiate with them and plan actions in normal times and in extraordinary situations. Or, you can hire a reputable distribution company such as Transmed to handle all issues associated with handling inventory. The company will make sure that your inventory management is streamlined and that everything is managed accordingly. They work with some of the biggest businesses in the region and have operations in numerous countries, so you can trust them. As a business owner, it’s very important that you keep a strong check on your inventory. Otherwise, you are likely to suffer serious losses in the long run.Tags: business, Business Tips, Inventory