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Oversee all inventory activities and take control of stocks to maintain a continuous and seamless operation.
Keep a better track of inventory with a digital record of the approximate count and whereabouts of the items. Never run out of stocks or hold too many stocks with a smart platform to help you stay organized.
Eliminate the tedious task of manual cycle counting by keeping a digitized system where inventory records are stored in a mobile device. Save up hours of effort by replacing paper-based processes with automation tools, minimizing time spent on manual stock counts, reducing errors, and avoiding lags.
Collaborate with suppliers and partners by keeping track of orders, reviewing inventory availability, and coordinating the distribution of those goods to the consumer in one place. Enhance efficiencies in the supply chain by actively engaging these stakeholders at each step.
Save up man-hours by reducing paper-based and manual processes and transition into digital processes. With this platform, you can automate inventory processes and empower your organization to gain valuable insights on what can be optimized in your inventory and detect in demand resources.
We partnered with international research firm Forrester to measure the total impact of SafetyCulture’s Workplace Operations Platform. Learn more about the continuous improvement gains waiting for you.
“Not only has it facilitated better internal communication, it’s made collaboration with our suppliers and customers a first-class experience. One of our customers is even using SafetyCulture platform, so we can liaise with them in real-time. That means we’re confident every element, from pre-production checks and freight to measurements and auditing, is as streamlined as possible.”
Companies can reduce inventory control costs by implementing strategies such as streamlining management and handling processes, utilizing new technologies and digital tools and other means to improve efficiency, and optimizing inventory levels using data-backed insights.
Having the right tools and strategies will surely save your organization time and resources from overstocking and understocking.
Common performance metrics in inventory control include inventory turnover ratio, fill rate, stockout rate, supplier lead time, and customer satisfaction. These metrics help managers gain an overview of whether their operations can run seamlessly by identifying how fast and capable their stakeholders are of attending to the demands.
Enterprises can determine optimal inventory levels for their products by considering factors such as demand variability, lead time, carrying costs, and stockout costs. Utilizing mathematical models like Economic Order Quantity (EOQ) or reorder point (ROP), alongside data analytics and historical sales data, can help calculate the optimal balance between holding enough inventory to meet demand and minimizing excess stock.
Yes, inventory control can help with demand forecasting. By analyzing historical sales data, inventory levels, and other relevant factors, businesses can gain valuable insights into demand patterns and trends.
