It’s been hard for wholesale inventory management companies for a long time to figure out how much goods to keep on hand. You might miss out on sales opportunities if you don’t stock enough. If you stock too much, you’ll have extra items and waste money on storage. This is why it’s so important to keep track of your supplies well.
Every year, businesses of all types lose money because they don’t choose the right product. That’s not the case with your company, though. You can use the methods of wholesale inventory management system to get a better handle on your inventory and make more sales.
Let’s begin now.
What Is Wholesale Inventory Management?
Wholesale inventory management is called buying, storing, and keeping track of business-to-business (B2B) goods. A business needs to keep track of all of its inventory. Still, wholesale inventory management is all about the tasks that need to be done with things bought from manufacturers and then sold to another business, retailer, or wholesaler.
Some tasks for managing wholesale inventory include figuring out ordering points, economic order quantities (EOQs), and when to restock. Another task is sending in purchase orders (POs) for new wholesale inventory. The best storage methods are part of inventory control measures.
Monitoring the amount of wholesale management system; keeping track of the inventory received by manufacturers, and conducting regular checks of the wholesale inventory are a few significant functions of this system.
Why Is Wholesale Inventory Management Important?
Wholesale inventory control is significant for any business that buys and sells goods daily. Every part of the supply chain must work well if the wholesale inventory automation is well managed, in stock, and properly tracked. This includes handling orders, managing warehouses, fulfilling orders, shipping, and delivering the last few items.
Various issues can happen because of it such as inventory counts, missing or broken goods, or meeting deadlines, overstocking and gaps. This can stop the whole supply chain. On the other hand, good distributor inventory management control makes sure that everything runs smoothly and that everyone in the supply chain can see what’s going on. This instantly boosts output, cuts costs, and shortens lead times across your whole business.
Best Practices To Follow In Wholesale Inventory
Real-Time Tracking Technology
With real-time inventory tracking, you and your team can get the most out of all the tools you have. Online inventory systems keep track of shipments and give real-time information on the status of orders and stock amounts. Tracking inventory software makes sure that orders are filled correctly and on time, which makes customers happier overall by reducing the chance of mistakes and incorrect stock level estimates made by hand.
Demand Forecasting
Demand forecasting is the process of figuring out what customers will buy in the future by predicting past sales data, market trends like holidays and cycles, and predictive analytics. This process uses information to help people make decisions about sales prospects, inventory costs, and stock amounts.
Optimized Warehouse Operations
Use warehouse management systems (WMS) to better keep track of supply chain management. Try to use automation technologies like conveyor belts or robotic pickers and set up the warehouse in a way that makes it easier to move things around. Productivity and operating costs can go up if you teach your workers best practices and safety rules on a regular basis. Try to check and review the process and quality control on a regular basis.
Strong Relationship With Supplier
Open communication, clear expectations, and acts that build trust are all important when working with suppliers inventory planning. It makes sure that the goods are delivered on time, that quality standards are met, and that both parties negotiate good terms.
Strong bonds can lead to more flexible plans, such as better prices, faster delivery, and the ability to get special items and perks. Performance reviews and notes that are given often can help to strengthen relationships and show where improvements need to be made.
Efficient System Of Order Processing
To ensure that data flows correctly, quickly, and in real time, e-commerce systems should be combined with tools for managing goods and logistics. Automation helps to cut down on mistakes made by hand. It speeds up the order handling process, stays efficient in stock control system, and makes customers happier by ensuring consistent delivery.
How Can Versa Goods Distributors Help with Wholesale Inventory Management?
Versa Goods Distributors is the right distribution partner for you to improve your business-to-business fulfilment and keep your wholesale goods under control. With their fulfilment suite, you can get retail solid dropshipping and distribution solutions. This will organize your warehouse management system and sales order data, making things more accurate and efficient.
