January 10, 2024
Inventory management is critical for small to mid-sized businesses (SMBs) because it directly influences both production efficiency and profitability. However, despite this, it's often an area that needs the greatest improvement. Effective inventory management involves complex and interrelated tasks, from forecasting demand and maintaining optimal stock levels, to ensuring swift and accurate delivery, managing storage, and reducing waste or obsolete models. These require detailed analysis, accurate data, and the use of advanced technology or inventory management systems. Without these, manufacturers may struggle with issues like low inventory turns, lack of visibility across departments, overstocking, stockouts, and high holding costs, which can significantly impact their operational efficiency, customer satisfaction, and bottom line. Manual processes cost time and money Results from a recent ECI Software Solutions' customer "Warehouse Management Woes" survey shows that 53% of SMBs conduct manual inventory counts approximately once a quarter and 50% of respondents have challenges counting or reconciling inventory. This is because many SMBs do not have inventory recordkeeping policies and processes in place, including regular inventory counts, maintenance, and documentation.…

















