As a businessperson, your key concerns are selling products that customers will benefit from, and making a profit off of those products. But what if your customers could not easily access those products, or you suddenly had a shortage of inventory? If you are familiar with logistics in Minnesota, then you might have heard of inventory control. Essentially, inventory control is the practice of ensuring that a company always has enough products, and that those products are where they need to be. Here is a closer look at how inventory control works, and how it can benefit your business:
- Quantity control: You have probably heard of quality control, or the steps a company will take to ensure that its products are consistent and effective. It turns out that quantity control is just as important. A key component of inventory control, quantity control involves making sure that a company always has enough products to meet demand, and that the number of products in the warehouse, on the shelf and in production is never too high or too low.
- Sale recognition: How quickly are you able to assess how well a particular product is selling? Do you have to wait for sales reports at the end of the month, or inventory reports at the end of the quarter? With inventory control, you can know how quickly a product is selling in real time, giving you the information you need to determine whether production should be ramped up or quelled down.
- Automatic reordering: Hiring a company to handle logistics Minnesota allows you to focus on designing and manufacturing excellent products. And when you hire a logistics service that offers inventory control, you can count on them to automatically reorder stock from your warehouse to go to different stores. Once your stock drops below a certain point, we will order more to replenish it, so you do not have to worry about it.
- Information reports: Chances are you already receive monthly or quarterly reports telling you how business is going, and what your primary costs and profits are. But when you hire a professional logistics company to handle your inventory control, you can count on receiving highly detailed and frequent inventory reports, which will be useful to both your main offices and your different selling locations. You will know exactly where you are selling, and what your production response needs to be.
- The three questions: There are three core questions at the heart of inventory control: “Where?” “When?” and “How much?” The “where” identifies the locations your products are selling (or failing to sell); the “when” tells you what times are best for selling, and tells you how often you need to replenish your stock; and the “how much” tells you how many products you need to ship. Once you have a logistics company handling these concerns for you, life becomes a lot easier.
For more information on inventory control and logistics in Minnesota, please get in touch with K-Way Express, Inc. today.