We have over 22 years of experience in managing and overseeing inventory management services for our clients. As an outsourced Inventory Management company, our knowledge of the best practices, tools, and people will assist you improve warehouse efficiency and simplify inventory management. We provide end-to-end assistance in inventory planning, material optimization, replenishment services, inventory cost accounting, warehouse operations optimizations, etc. Our advanced inventory management techniques have assisted in streamlining processes and making them responsive to rapid fluctuations in demand. At the same time, it has guaranteed consistent service quality to improve customer service levels.
Core Aspects of Inventory Management Services
Inventory Planning
- Determine business objectives
- Identify key inventory items
- Forecast demand
- Determine to reorder items
- Place orders
- Monitor inventory levels
- Review and adjust
Inventory Forecasting
- Determine the forecasting period
- Gather data
- Identify forecasting method
- Create the forecast
- Review and adjust
- Use the forecast to plan inventory
Inventory Cost Accounting
- Determine the inventory items
- Determine the cost of each inventory item
- Determine the value of the inventory
- Determine the cost of goods sold
- Record the COGS on the income statement
- Record changes in inventory value on the balance sheet
- Review and adjust
Inventory Reports
- Gather Data on current inventory level
- Record the data in an inventory tracking system
- Organize data by various parameters
- Ananlyze the current data to find any discrepancies
- Generate inventory reports
- Review the report
- Find the reason for any discrepancies
- Update the inventory tracking system with new inventory levels
- Repeat the process on a regular basis