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5 Ways to Lower Inventory Costs

Inventory management is an essential component of your business’s supply chain. By providing your clients with the products they need, when they need them, you can ensure client satisfaction and maintain a loyal customer base. Unfortunately, the costs associated with managing inventory effectively can have a negative impact on your bottom line. In many instances, companies overlook opportunities for mitigating inventory costs, either because they are unaware of such opportunities or because they are set in their old ways. Regardless of your particular situation, reviewing some proven methods for lowering inventory costs can help your business thrive. 

Rugged Tablet PC in Distribution Warehouse OfficeModernize How You Manage Orders


Traditional paper-based systems for managing order transactions are significantly less efficient in comparison to more modern, electronic systems, which you can operate on rugged tablet PCs. In the office, you can use a tablet PC for easily creating purchase orders and electronic data interchanges for purchase order transmissions. To help with efficient cycling of stock, as well as to minimize purchase transaction costs, you can utilize rugged tablet PCs in distributions centers for managing counting scales, receiving processes, the certification of vendors, and statistics-based checking and inspections. In manufacturing plants, you can minimize cycle stock inventory with rugged tablet PCs through pre-planning, monitoring the temperatures of equipment and through reducing quality assurance and quality control work. 

Use Forecasting Models


By forecasting demand with rugged tablet PCs, you can help your business reduce backorders and overstock. Furthermore, forecasting models can help minimize the need for reverse or lateral logistics, which keeps inventory levels closer to the levels that you desire. To further reduce inventory costs, you can use a tablet PC for accessing and managing records from centralized databases. By referring to one-time events -- like promotions -- from the past, you can forecast future one-time events more accurately and manage inventory more efficiently.

Rugged Tablet PC for Supply Chain DistributionUse Real-time Tracking

High-value products, such as vehicles, construction equipment, generators and valuable cargo, play an unequal role in increasing inventory costs. So to ensure that all such products are always accounted for, you can utilize a rugged tablet PC for real-time tracking. With the help of a tablet PC, you can automate the tracking and reporting processes, which makes monitoring high-value products a highly precise process. When such products are stolen or lost, the replacement costs, and insurance repercussions, can be astronomical. With a rugged tablet PC, you can use a GPS-based location system for ensuring that the high-value products in your inventory are properly maintained. By minimizing risk, real-time tracking can lower inventory costs. 

Vendor-Managed Inventory 

By allowing suppliers to control the replenishment of your company's inventory with a vendor-managed inventory software program, you can typically reduce inventory as well as associated inventory costs. Vendor-managed inventory allows for a collaborative partnership between manufacturers/retailers and vendors. Using a rugged tablet PC that is equipped with vendor-managed inventory software, you can keep suppliers in the loop when it comes to how much inventory is being maintained at specific locations. Specifically, you can transmit electronic documents that report inventory as well as documents detailing demand and sales data.  Suppliers can use the software to monitor your inventory and to make recommendations for inventory replenishment amounts. 

Merge-in-Transit

When a customer needs to receive multiple types of products simultaneously, merge-in-transit can help reduce inventory and inventory costs. By using a logistics software program on a rugged tablet PC that includes a merge-in-transit function, you can ensure that two loads being shipped from separate locations can be joined together in transit. Once these loads are married together, they can reach a customer as a single shipment, which makes inventory management more efficient.

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