Cleveland inventory management

Benefits of Outsourcing Cleveland Inventory Management

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.

Cleveland inventory management

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.

Cleveland 3PL

Teaming With Cleveland 3PL Offers Mid-sized Businesses Supply Chain Solutions

Businesses of all sizes have struggled with supply chain instability the last few years. It’s considered the No. 2 concern, just after finding and retaining qualified, reliable workers. Girding themselves for more supply chain volatility on the horizon, many mid-sized companies are strategically stockpiling inventory, allocating more funds to ensure timely deliveries, and onboarding software that allows for greater transparency. These are smart tactics for Northeast Ohio businesses – and can all be successfully implemented by teaming with a dedicated Cleveland 3PL (third-party logistics) warehousing and distribution partner.

According to the recently-released 2022 Business Leaders Outlook Survey, conducted by JPMorgan Chase, the majority of mid-size company leaders appear to be shifting from a small-business mindset to a larger one in an effort to stay competitive in the global economy. To maximize their competitive edge, more than half of respondent companies (with annual revenues ranging between $20 million and $500 million) were adding suppliers from new areas as well as dedicating more capital to higher shipping and delivery costs. One-third were changing materials or manufacturing processes, and some had even stopped working with some suppliers altogether.

More than 80 percent of firms said they had to increase wages in order to recruit and retain workers. This is a particular challenge for companies managing their own warehousing and logistics in-house – further highlighting the benefits of working with an established Cleveland 3PL.

Other top concerns for companies looking ahead this year are difficulties with forecasting, customer demands for lower costs, customer demands for reduced response times, and overall rising expectations for customer service. Well over half of companies queried are actively investing in inventory & network optimization.

As an experienced team of third-party logistics professionals, we recognize that while many businesses stress over supply chain operations, the consumer-driven approach does open the door for innovation opportunities. Running an efficient, cost-effective operation has always been a challenge – and it’s one that Ohio 3PL operators are uniquely equipped to help resolve. Among the top concerns we help clients address with Cleveland 3PL services:

Cleveland 3PL

Cleveland 3PL Services Offer Ways to Go Green – and Save Green

As Cleveland 3PL (third-party logistics) providers, we understand that what’s good for the environment is also good for overall supply chain sustainability. Partnering with a dedicated 3PL provider in itself can help companies make the most of transportation and warehouse capacity while also reducing adverse environmental impacts. That’s because we can streamline processes and resource usage.

Although eco-friendly practices sometimes have a reputation for being pricier and more time-consuming (at least in the short term), the reality is that more sustainable strategies in packaging, warehousing and transportation often have the added benefit of lowering your costs and time investment. Some of the economic goals that improve environmental outcomes include reducing the aggregate distance traveled by each unit, eliminating the unnecessary use of resources, moving inventory faster and being as responsive as possible to customer demand.

The logistics sector in general has long been on the cutting edge of green innovation because economy and efficiency go hand-in-hand with minimizing waste. Companies that nurture a sense of sustainability can often find a great deal of common ground between greater social responsibility and lowered expenses.