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It is necessary to have an efficient administration to have proper management of the inventory in logistics. This allows determining the ways and times of delivery of the goods that a company sells.
Although each company is different, and many times the handling of its products differs from each other, it is necessary that the logistics inventory management strategy that is applied be effective, because this will facilitate administration, execution, and planning in the supply chain.
Taking into account this problem we suggest 6 keys to make inventory management completely efficient:
1. Existence control policy
It is given by the company’s control of the inventory of the products it owns. In inventory management, you should be able to know the amount of raw material, packaging or packages that the company has.
The new technologies allow to take this control through a bar code or can even identify them through radiofrequency.
When handling the inventory, the “Lead Time” must also be taken into account as this directly affects its total level.
2. Projection of short-term sales
Having these projections clear provides the possibility of planning the purchases and production of each product, lets you know how much it will be necessary to invest and reduces the waste of material and/or supplies.
In addition, it is possible to prevent the acquisition and production of some goods that will not have market demand.
3. List of products in warehouses
In the management of inventories in logistics, the handling and storage of products is something that raises the cost of the final delivery, so having a correspondence in the types of products stored, as well as the entry and exit of them, is necessary to generate efficient management, as well as a decrease in the cost of merchandise.
4. Number, size, and location of storage points
The order in the inventory facilitates the task of classification, provides a neater environment and it is easier to find where each work item is, thus gaining time and labor efficiency.
The order in the storage done by the best inventory management firms reduces costs and time in the execution which implies a better performance in the company.
5. The transit of stored products
Logistics inventory management is responsible for facilitating the entry and exit of products to the warehouse, their classification, and proper safekeeping.
The transit must be efficient because that directly affects the performance of a company. For this, new technologies must be acquired so that when sorting and ordering the products, they can be easily stored or extracted from the warehouse.
6. Benchmark
It is responsible for identifying, analyzing, understanding, comparing, adapting and overcoming similar work processes in high-performance organizations, to systematically and significantly improve the performance indicators of the company and thus achieve an increasingly efficient operation.
To have optimal inventory management in logistics, facilitating the storage and transport of some products, it is necessary to be able to understand the dynamics in which a warehouse must operate.
It is not only to save the product, you have to know what product the company has to then know what you need and what not, you should also do a projection study of deliveries to prevent losses from products in stock or products that have suffered some damage.
In addition to this, the classification and transport of the product play a transcendental role in storage.
Last but not least, efficiency can be greater when acquiring and improving established processes. Taking these points into account, logistics inventory management is completely efficient and along with this, for better results, you can consult inventory management companies in India.