Inventory management is a systematic approach to sourcing, storing, and selling inventory. That includes both raw components and finished products. Your Cleveland inventory management strategy must involve swift and accurate identification of the right stock, at the correct levels, in the right time and place – and at the ideal price point.

Inventory management involves numerous duties, including:

• Controlling and overseeing purchases
• Maintaining the storage of stock
• Controlling the amount of product for sale
• Order fulfillment

This is a huge responsibility – and tough to consistently nail down without the proper systems and professionals in place. That’s why many companies opt to outsource this component of their supply chain.

Any company in a goods-based business recognizes the impact of inventory management on operational efficiency. Lack of adequate inventory will mean lost sales and unsatisfied customers. Too much inventory will mean higher costs for storage and management, less cash on hand, and reduced value of your products. The U.S. government recognizes the value of proper inventory management to the extent that publicly-traded companies are actually required to track inventory and document management systems if they want to be compliant with the Securities and Exchange Commission.

Exact inventory management systems can vary from business-to-business, depending on their size, the types of products sold, and the channels through which they’re sold. That said, partnering with a third-party logistics company means you have the benefit of a system that’s flexible, processes that have been proven, and professionals who are experienced.

Here, we’re going to run through the benefits of outsourcing Cleveland inventory management one-by-one.

Improvement of Overall Efficiency in Processes

Your business is your specialty. Our business is our specialty – and we’re in the business of 3PL inventory management. Your business is more competitive when you can focus on your core operations – and leave the warehousing and logistics to us.

Outsourcing inventory tasks allows you to avoid overseeing tasks and staff that are expensive and resource-intensive.

Transparency and Real-Time Inventory Counts

Ohio third-party logistics providers like On Time Delivery & Warehouse hold your inventory at warehouse distribution and fulfillment centers. Our digital platforms provide customers with valuable transparency that allows visibility on exact units sold and on hand in real time. This insight will help ensure you aren’t routinely storing too much or too little inventory, which can lead to direct financial losses. That’s money better spent on other aspects of your operation.

What’s more, the transparency and data generated by tech-savvy 3PL inventory management partners can help you more accurately predict the reorder point, helping you avoid backorders and stockouts. You’ll have the benefit of established systems that provide metrics, reporting, and updates – tailored to your unique needs and timelines.

Our Cleveland inventory management software helps ensure accurate reporting at all inventory levels, at all times – so that changes can be swiftly made when necessary.

Control Product Grouping

With the technology provided by your 3PL partner, you have the benefit of insight on how best to group your inventory. It may be in your best interests to merge the same/similar products across numerous sales channels. You may want to explore kitting services to give your customers added value. We can also help prepare to send your orders in bulk, and bundle your inventory items for various promotions.

Save Inventory Space

Real estate is costly. All businesses (but especially manufacturers) are constantly looking to eek the most out of every inch of available space. If you can avoid using your own space to store inventory, you can bolster efficiency and productivity and lower overhead costs.

A 3PL warehouse & distribution company will already have adequate space ready with the special features you require, relieving you of the burden of investing in additional facilities. It also allows you to maintain current production systems, without having to reconfigure to accommodate warehousing, distribution, and inventory management.

Ability to Pay for Parts as Needed

The fact is, many businesses are routinely grappling with volatile demands and sometimes frequent product changes or short product life cycles. If you can avoid excess inventory, you can be more responsive and demand-driven. Our Cleveland inventory management team has controls built into our processes to provide for just-in-time efficiencies, tight controls, reliable and timely delivery, and supply line tracking.

Work With a 3PL You Can Trust

We recognize that the decision to outsource your inventory management functions is a big one. But this is an ever-evolving marketplace, and the increasing complexities and higher customer demands are only going to make this critical responsibility even more challenging.

When you work with a trusted 3PL with an extensive track record of satisfied clients, you have the assurance that the job is going to be done right.

For information on 3PL Warehousing and Inventory Management Services in Cleveland, Contact On Time Delivery & Warehouse by calling (440) 826-4630 or send us an email.

Additional Resources:

Using Inventory Management to Combat Supply Chain Disruptions, May 5, 2022, By Burak Cifikli, Global Trade Magazine

More Blog Entries:

Ohio Warehouse & Logistics Labor Oversight to Increase, March 19, 2022, Cleveland Warehousing Blog