According to the US Census Bureau, nearly 90-percent of inventory is carried by manufacturers, retailers, and wholesalers. How a business manages the stock in its possession is critical in the distribution process and thus dictates the amount of revenue that can be made from selling such inventory.
Inventory can refer to everything from raw materials in a warehouse to an aisle of goods on supermarket shelves. Simply, it’s goods that a business plans to sell, either in the form of a finished product or the materials that will eventually make such a product.
Regardless of the type of inventory a business needs to keep track of, utilizing an organized, accurate, and effective management system is the key to supply chain success. That’s where Stephen Gould’s expertise in managing inventory comes in, ensuring you know exactly where your goods are stored at any given time, as well as the number of goods on hand, and numerous other necessary details to manage your inventory properly.
Proper Inventory Management Techniques Are Essential to Success
Inventory is the most valued asset in a business’ supply chain. Therefore, accurate management and evaluation of one’s inventory levels are critical to business success. Having a physical count of your common inventory on hand is essential for the balance sheet of a business, allowing one to value both your inventory and business in real time.
Not only is this process necessary for a business’ accounting, it’s also a legal requirement for regulation by the U.S. Securities and Exchange Commission (SEC). To maintain compliance with the SEC, all businesses must show well-documented and well-controlled supply chain management processes.
At Stephen Gould, we are industry leaders in providing your business with the necessary tools to account for your inventory levels correctly, maintaining your stock levels and keeping your business compliant with the SEC and accountable for your transactions.
How an Inventory Management System Works
Large or small, from paper ledgers to high-tech computer software systems, nearly all businesses implement some inventory management system. But not all inventory management systems truly optimize the workflow.
The best inventory management software, like the ones at Stephen Gould, can accurately keep track of the number of products a business has on hand, their stock, in real time. This inventory tracking helps identify the location of such products, and provide strategic business intelligence.
Our top-tier systems can inform you of the number of products in inventory, identify your top-performing products, send notifications when stock runs low, and provide numerous other customized insights to enhance business management.
Warehouse Management vs Inventory Management: Which Is Best?
While overlap does occur, a company’s inventory management process is not simply related to warehousing management. Warehouse management systems include inventory management software and technology and support other factors such as receiving, picking and packing, labor management, stocking, and shipping.
The significant difference between warehouse management and inventory management is merely a matter of degree and scope. An inventory management system may be preferred by a business that does not require all the functionality of a Warehouse Management Systems (WMS). Meanwhile, larger corporations with large distribution centers may need all their functionality, thus requiring WMS.
Whether your business needs help with your inventory management techniques, a new warehouse management software, or both, Stephen Gould is your one-stop solution. We support systems ranging from the most simplistic inventory control systems all the way to the most comprehensive and complex WMS.
Inventory Management Overview
The ability to properly manage inventory can help a business source, store, stock, and sell inventory regardless of whether that physical inventory is raw materials or finished products. The bottom line is, an effective inventory management system will help to reduce your company’s inventory costs, analyze fulfillment patterns, and ultimately increase sales to customers.
Stephen Gould works with businesses of all sizes and industries with all their supply chain needs: from fulfillment and manufacturing, to warehousing inventory management solutions. We specialize in the ability to manage inventory for businesses of all sizes and can help you at every step of the process. Contact us today for more information about how we can help your inventory management.