Common Misconceptions about Inventory Management
Successful inventory management means that you’re effectively controlling, storing, distributing, and managing your products in quantities that meet market demands. It’s imperative to have the right balance of goods, not too much that it cuts into profits, and not too little where sales can be lost. Below we’ll go over common misconceptions about inventory management:
- Fluctuations in customer purchasing patterns don’t change: Seasonal changes come with expected hikes in demand. However, there are always instances where there’s unexpected demands and it’s important that you’re ready to fulfill that demand when they occur.
- Inventory planning should be independent of other functions: Inventory procedures should be involved and integrated with teams in your company. Successfully integrating your supply chain gives you a holistic view of your inventory demands and supply levels.
- All inventory management providers and solutions are identical: Some functions may appear similar, however each technology offers a different set of intricacies and functions.
- It’s not necessary to have inventory management software: With today’s market, it’s nearly impossible to rely on human tracking, updating, and reporting for your inventory. An updated software technology allows you to have fluid supply chain management and constant real-time reporting.
18 Wheels Logistics can be your partner and assist you in every part of your supply chain. We’re well versed in the areas of distribution, trucking, co-packing, warehousing, and transportation of goods. Based in Vancouver, British Columbia, 18 Wheels Logistics can help your business excel wherever you’re located.