Inventory management is critical to any business and a crucial integration for your company’s success. Accuracy in tracking inventory down to the last item is vital for your business operations and accountability. Proper inventory management allows you to close tabs on your products so you’ll know precisely what is selling and when. It can also generate actionable insights into future manufacturing, shipping, and business decisions. Unfortunately, however, inventory management often becomes a major hassle for companies because it requires a large amount of work. If inventory management has become too much for your business to handle in-house, or your current third-party logistics company is no longer serving you well, Ranger3PL can provide all the storage, order fulfillment, and other supply chain optimization services you might need, including inventory management services. Partnering with Ranger 3PL frees you up to focus on other important aspects of running and growing your business.

What is Inventory Management, and Why is it Important?

In the simplest of terms, inventory management covers your company’s production process from ordering to selling inventory. This includes the storing of products, whether they are raw materials to make products or finished products. There are several different types of inventory management, including just-in-time management (JIT), materials requirement planning (MRP), economic order quantity (EOQ), and day-of-sales inventory (DSI). While every business needs to engage in some level of inventory management, companies with complicated supply chains and manufacturing benefit the most from outsourced inventory management services if they find the right partner to work with.

Inventory management allows your business to run smoothly, ensuring enough stock is on hand to meet customer demand. Not only is accurate stock tracking required in various industries, but it is also beneficial in the long run. Good inventory management can save your business time and money. With accurate stock management, worrying about how many or few products you have becomes a problem of the past due to knowing the exact amount of inventory available. It identifies and follows trends, including what is selling out and what is not. With the ability to keep less stock at different locations and know where something is in stock, your company can minimize the amount of money tied up in inventory by reducing the amount of unsold stock. This can result in improved cash flow for your business.

Inventory management is essential because products can be followed from purchase to sale to the customer. It can forecast a potential product shortage early enough for you to take action, thereby helping ensure stock is always available, allowing you to then keep all customers up-to-date so they can order confidently. Customer satisfaction drives nearly every business, and the best way to keep customers satisfied and coming back is by promptly fulfilling their orders with the correct products. Inventory management is a key piece of the whole puzzle.

How Effective is Your Inventory Management?

Your business may be doing its own inventory management in-house, or you might use a third-party logistics company as your outsourced inventory management services provider. Either way, there’s no time like the present to step back and evaluate the effectiveness of your inventory management. Take stock of your company’s situation by thinking about the following:

Running out of space: Whether it’s space at your business or at your current 3PL partner’s facility, there has to be enough available space for warehousing your inventory, but just as important is inefficiency because suboptimal use of warehousing space and resources leads to increased operational costs and reduced efficiency. Inventory management software: Does your company or your current 3PL partner utilize best-in-class inventory management software and keep up with it? Using outdated technology or systems for inventory and supply chain management hinders both efficiency and scalability. How is your business doing on inventory carrying costs? Difficulties in balancing inventory levels to avoid excessive holding costs must be achieved without risking stockouts. Less money tied up in inventory costs should be a continual priority.

Robust inventory management should correct inefficient and inaccurate order fulfillment to get the right products to your customers faster. You’ll also want to pay attention to the ability to scale when needed, such as during seasonal demand spikes or rapid business growth. Also, the complexity of your supply chain is another big factor in terms of coordinating between multiple players (suppliers, logistics providers, retailers, and so on). The more complex your supply chain, the better your inventory management skills or services need to be. Finally, one of the most important overall factors to pay attention to is supply chain visibility. Without real-time visibility, you can’t make good business decisions based on data because you can’t anticipate disruptions or manage resources effectively.

Need a New Inventory Management Services Provider? Factors to Consider

As you can see from the various potential pain points of inventory management mentioned above, finding your first or a new inventory management services provider is a big deal and not one to be taken lightly. When you’re exploring potential inventory management partners, keep the following factors in mind:

Technology and Innovation: Does the potential provider utilize the latest technology and innovative solutions for inventory management? Inaccurate data is not an option. Cost-Effectiveness: Can the prospective partner provide cost savings, including reduced inventory carrying costs and improved efficiency? Scalability: What is the provider’s capacity to grow with the business to support higher volumes and more complex supply chains? Integration Capabilities: How easy (or difficult) will it be for your business to integrate the service with existing systems and processes for seamless operations? Finally, be sure to find out about the provider’s quality of customer service, including responsiveness, problem-solving capabilities, and ongoing support.

Ranger 3PL: A Trusted Partner for Inventory Management and Much More

At Ranger 3PL, our team is made up of storage and supply chain management partners and experts. We are in constant communication with our clients, keeping them updated with all the data they need to make smarter business decisions. Our decades of experience in inventory management means you can rest easy knowing the job’s being done right. After all, we’ve done this for many satisfied clients, and we can do it for yours as well.

Our inventory management services include the capacity to predict which items will be used or sold in the short or medium term, meaning you’ll never have to worry about running out of product when it’s needed most. This is possible because we use state-of-the-art software and other technologies to manage inventory for our clients with robust integration capabilities. We give you visibility into your supply chain to generate actionable insights for optimizing everything related to the flow of inventory. We can also flexibly scale up or down as needed by your business to meet fluctuations in demand. Our team works with you to ensure you have the right stock in the correct location. Having too much money tied up in inventory stops with Ranger 3PL on the case, which will boost cash flow.

Ranger 3PL provides a wide range of logistics services you’ll want to leverage for better business results, including top-notch warehousing, distribution, transportation/shipping, order fulfillment, pallets, and more. Even more important, ours is no cookie-cutter operation. Every client needs and gets customized solutions to meet your unique business needs and requirements. We’ve also demonstrated a deep commitment to cost reduction and improved operational efficiency, thereby ensuring a strong return on the investment you make in our services.

Ready to take the plunge with a new third-party logistics service provider who can get the results you need? Look no further than Ranger 3PL. We’d love to meet you! Call us at 812-522-6000, reach us through the contact page of our website, or fill out our Request a Quote form today.

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