September 25, 2016    < 1 min read

How effective inventory management aids wholesalers

Wholesalers by nature will typically have a multitude of products and stock coming in and out on a regular basis. After all, they’re the middlemen between distributors or manufacturers and retail customers. And due to the fact they will typically deal with stock on a large scale, having the right wholesale inventory management in place is crucial to their success. They simply can’t just replicate methods of others like retailers. Let’s take a look at how inventory management can aid a wholesaler’s business.

Know the ins and outs in detail.

Knowing what’s coming in and out of your business is something every business should be aware of. But given that a wholesaler’s entire business relies on their stock, the goings on of every product should be easy to bring up. This gives managers complete oversight of the business and allows them to report on and track inventory both accurately and in real-time. By being able to access this level of detail, wholesalers can easily start to forecast and report on things like what inventory is popular, what they will order and restock in the future, and how much to restock. They will also be able to see what stock is committed at any given time. For example, although a wholesaler may be able to see hundreds of a certain product on the shelves, they’ll know that actually they’ve already been assigned to an order and they will be left short.

Get alerted to any issues.

One way inventory management can help wholesalers is through custom alerts, including reorder alerts. This not only takes any guessing out of the process but also means managers don’t have to regularly sit down and look at stock levels when they think it might be time. Instead, they are alerted to anything when it’s ready, which is a much better use of their time. Know where everything is located. Wholesalers will have stock stored literally everywhere. Large-scale wholesalers will likely have inventory in different locations as well. This is where inventory management software can play a big part. By utilising the right software, wholesalers will be able to track by batch (lot) and serial number for example, so they can see exactly where each batch of inventory is located and access it with ease. With the ability to save location information, staff will know exactly which shelf, bin or warehouse; a product is stored and can then pick/pack them for shipping much more effectively.

Count your stock effectively.

With the amount of inventory stored, stock counts can be a huge overhead for wholesalers to bear. With inventory management software, and the likes of barcode scanners, you will be able to decrease the amount of manual hours spent counting. The technology backing up the stock count will also allow for fewer manual errors and greater transparency and oversight of the entire process. As you can appreciate, this is every managers dream. Topics: , ,