Effective inventory management is necessary for any business, but it’s especially critical for electronics manufacturers and their supply chains. Increased efficiency can maximize profits and sales, lower operating costs and introduce better controls and management processes.
“When you have control over your inventory, you’re able to provide better customer service,” said Johnny Marx, an account executive at Handshake, in a blog. “It will also help you get a better, more real-time understanding of what’s selling and what isn’t. You also don’t want to have excess inventory taking up space in your warehouses unnecessarily. Too much inventory can trigger profit losses––whether a product expires, gets damaged, or goes out of season.”
Inventory is at the heart of manufacturing. Companies must balance customer demand with effective resource management. It’s always a challenge.
There are steps to improve inventory management. Click on the image below to start a slideshow of the best strategies and practices to optimize inventory management.
This slideshow was first published by EPSNews' sister publication EBN.
Megan R. Nichols is a technical writer and the editor of Schooled By Science. She enjoys writing about the latest news and trends in manufacturing, the supply chain, and science. To keep up with the latest news, follow her on Twitter.