Every business has a specific mode of operation and how one sells its products differs from the other. There are different types and classifications based on whom do you sell your products or services to, to whom does your business cater, etc. Yet few things are very basic and commonly important for all businesses alike.
One such important thing is inventory management. Irrespective of where you store your packaging materials, whether you use your own warehouse facility to store them all or get your just-in-time cardboard boxes from the Belley storage to pack them and ship your products, inventory management is the key.
If you are wondering what are the just-in-time cardboard boxes or hearing about the company Belley for the first time, then it is an interesting concept based business that sells packaging boxes for your business while providing the storage for those boxes as well.
You can simply ask them to send your boxes to you just when you need them for packaging. They deliver your cartons just in time daily when you need them, and hence the name.
What is inventory management?
Inventory management, in its simplest form, is keeping a record and track of your stocks. Some of you might already be doing it while some small businesses may hear about this for the very first time. Also in some cases, you might already be doing this in some informal ways but without knowing its name.
Many businesses conventionally maintain their stocks in account books or spreadsheets. But the process of updating the spreadsheet can be very tedious. Also, there is a lot of possibility for human errors. But there are many inventory management software applications available these days that are much more efficient.
Why inventory management is important?
As businesses grow the volume of stocks procured will also grow. A less quantity of stock might be easy to manage and keep track of. But for handling a larger volume, it is better if you opt in to use inventory management.
The benefits are –
- All in one place management of the stocks
- Efficient delivery can be planned
- Reports based on the stock and sales could be made
- You can make forecasts and order for more products in advance from your vendors.
- Time-saving and more effective.
There are many more benefits in inventory management other than this. You should try using it yourself and am sure you will thank me later for recommending this.