The benefits of real-time inventory can be seen throughout an organization. Real-time inventory improves efficiency in the yard, on the production line and in dispatch, delivery, sales and service functions. Now, the same information that improves warehouse efficiency can also help you achieve key strategic business objectives, including:
- A reduction in inventory stocking levels — as well as the associated capital and space requirements
- A reduction in out-of-stocks — delivering a potential increase of 15 percent or greater in sales
- Ability to utilize warehouse space that is no longer required in the business area where it will provide the most value — for example, to expand the production line to add a new product line or increase capacity
- A reduction in transportation costs through tighter scheduling and management of shipments
- The ability to support new manufacturing applications that improve profitability and customer service, such as vendor managed inventory (VMI) and raw materials sequencing
- A faster invoicing and payment cycle, made possible with real-time visibility in shipping
- Ability to provide customers with real-time order status, improving customer satisfaction and retention
- Reduces field sales cycle times by enabling nearly immediate picks for faster order fulfillment
What efficiencies have you discovered with real-time inventory control? Tell us in the comments below!
Source: http://www.barcoding.com