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Blog → How Businesses Maintain their In-Stock Inventory Management

Companies such as ESF (European Style Furniture) distribute stocks to businesses all over USA and Canada. As such, it is important that we manage our inventory in a compatible way so that our clients receive their products in due time.

Inventory management for wholesale furniture consists of numerous factors that we practice to make sure that our planned distribution maintains its course of supply, production and stock replenishment.

What Does Inventory Management Entail?

Inventory management, in case of wholesale distribution, specifies the form and profit of the stocked goods. The process mostly takes place within the location or multiple locations where the regular or planned supply of stock and materials go through.

Scope of Inventory Management

Gains from inventory management include optimal levels in stock and a greater chance for handling any changes in business that the company may need to respond to.

The on-going process of inventory management includes;

· Managing carrying costs of inventory

· Inventory visibility

· Space availability for new stock

· Physical inventory

· Forecasting future inventory price

· Inventory evaluation

· Inventory inspection

· Replenishment

· Quality management

· Replacement of damaged goods

· Asset management

Best Practices in Inventory Management for Furniture Retailers

1. Stocking Products in Pieces

Many companies like ESF store their products in parts which can later be assembled if a client means to purchase the item for their store. Like many furniture pieces, these items are wrapped in flat packaging so as to reduce the cover space in our warehouses. This in turn, lessens the cost of transportation and shipping to the stores.

 

2. Adopting a Real-Time Stock Monitoring System

It pays to be wary of situations where the stock may be missing. Investing in the latest monitoring technology can allow you to keep track of all stock details and order more if a furniture part or accessory falls short. Many companies use software that allows us to access and sync our inventory easily and alert us of any new stock requirements that may be needed.

 

3. Building Relationships with Partners and Manufacturers

The key point for any successful business is to maintain a sustainable relationship with the supply manufacturers as well as their clients. By doing so and maintaining a long term contract with the business, we are able to negotiate prices and bring in only the stock that is required with complete focus on material and quality. Also, by building such a connection, we are also able to receive our stock in time.

To Sum it up

By practicing these factors and maintaining an astute focus on our management, ESF (European Style Furniture) is able to provide quality European style furniture for businesses that find our stocks to be better suited to their needs.

2016-08-16 16:54:39