If you are the owner or manager of a marketing company, you should know the importance of inventory management techniques. Get to know them! And these are responsible for measuring and managing the flow of merchandise that passes through the warehouse and the shelves of any business. However, many people do not know what are the best practices to take care of their products.
In fact, on some occasions, companies go through periods of shortage or over-supply of one or more products, due to poor management of their goods or lack of processes to control the items they have. Therefore, if you are responsible for a company, whether you have a construction materials store, a company that sells telephone equipment, among other commercial organizations, it is essential that you know different inventory management techniques used by inventory management companies that can help you run your business and the different technological systems that can support you with this task.
Good! If you want to know the 3 types of methods that can be allies of your company to better manage their products and achieve better results, read on!
1. Method Setpoint
Within the inventory management techniques, this is one of the most used by companies that sell wholesale products, which position their merchandise on the shelves of their customers. Of course, the slogan method can benefit you, whether you are the supplier or if you sell the products, since both obtain strategic advantages; On the one hand, if you are the producer you can rotate your merchandise and avoid the stagnation in your warehouses and, on the other, if you are the intermediary, you can offer various products to your customers without having to pay all the items in cash.
2. ABC system
This technique is used in most cases by companies that must control a large number of products in their inventories and, therefore, need to use a more sophisticated and complex method to manage them. The system includes the division of the warehouse into three lines or categories, according to the cost or the amount of investment required.
In group “A” it brings together the merchandise that concentrates the greatest investment and, therefore, needs more careful control and inventory management, due to the magnitude of capital it means for the company.
Group “B” encompasses the products that follow “A” in terms of investment and is subject to less rigorous procedures.
The items in line “C” are the ones that mean the minimum investment for the company and its management and control is much less complex.
3. Basic model of economic order quantity
Without a doubt, this inventory management technique is one of the most used and effective tools in the management of commercial companies by best inventory management companies. Thanks to this, we will know at all times the optimal amount of merchandise needed in a business. It is also useful when controlling items that cover the largest investment of the company, since it takes into account different financial and operational variables and, with these, determines the appropriate order quantity that minimizes the company’s inventory costs.