Why are they important
Inventory alert software systems can enable businesses to reduce their inventory costs massively. Inventory is the most illiquid asset of a business and for some it is also the most cash consuming asset. Having the right level of stock of raw materials and finished products at all times is essential to minimize the inventory storing and handling costs and the stock-out costs. A lot of costs and other variables are involved in deciding what is the best level of stock should be at any given time. These include, but are not limited to the following:
- The bulk buying discount
- Economies of scale on delivery charges
- Storage costs
- Total ordering costs
- Size of storage facility
- Type of stock (perishable, hi-tech/fast changing, fragile, sensitive to external factors, and so on)
- Nature (life-saving medical item, luxury, basic need, and the like)
- Stock-out costs
- Availability and closeness of substitutes
- Switching costs
- Policy of company (cost minimization or high responsiveness)
Our offering
Our system is intelligently designed to give ample notifications and alerts to the relevant authorities when certain inventory levels and conditions are reached. This ensures that the company’s production and operations process keep flowing smoothly, or in worst case scenario, does not come to a halt altogether. This further helps mitigate or limit the costs that the company incurs when its resources have to sit idle due to mismanagement of the stock levels. Our inventory alerts system is built to reduce stock wastages, improve the visibility of stock related data across all the relevant departments, helps enforce best practices, and optimize inventory levels to have most advantage and least costs.
Other benefits
More often than not, better stock management leads to better quality end products being produced. Less damages and defects lead to lower inwards returns, higher customer satisfaction, better perception of the products of the company, more positive word of mouth, and much more. Numerous direct and indirect advantages to a company are brought by virtue of our inventory alerts system.