Managing inventory as a medical devices and electronic devices distributor
In the modern day business world, electronic devices are a must have for the smooth and effective running of any business. New and advanced innovations in technology are being introduced every day in the business world. Technology has greatly reduced the cost of running business, from production and marketing cost to distribution costs.
The use of technology and electronic devices in many businesses, both small and large, has created a market for electronic devices and system that help business people to run the day-to-day activities of their business in the most effective and efficient way.
Many electronic companies and distributors are competing aggressively to win a larger market share in this ever growing market. And when orders start trickling in from far and beyond the company’s backyard, many electronic distributors may be faced with a challenge in managing and tracking inventories. Sometimes a single electronic device may be valued in thousands of dollars, and a loss of one such device will reduce the company’s profit significantly. It goes without saying that the loss of more than one high valued device can lead to hefty losses for the company. Proper management is thus necessary in managing inventory to avoid losses that may arise from poor management. It becomes even more critical when the items are medical devices with serials, lots and compliance requirements in both management, tracking and labeling.
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A proper inventory control system is quite necessary in managing electronic inventory to avoid losses that could otherwise lead to the loss of sensitive items. This is one of the main reasons why robust inventory management software is so important.
Inventory management system overview
A good inventory management system should comprise of all aspects of managing the company’s inventory. The system should integrate different subsystems of activities associated with purchasing, shipping, receiving warehousing and storage, turnover as well as re-ordering. It should also integrate all functions in each subsystem into one main system where all the functions run in sequence.
Though some small companies are still using the manual inventory control systems, for the Electronic distributing companies, the stake is too high and they cannot afford to leave the inventory distribution, which is the activity of their business, to be monitored and controlled manually. Inventory management is an important element in the distribution industry that can spell out whether a distribution company will be successful or not in the competitive environment.
Automating all activity involving a company’s inventory is no doubt beneficial for any company dealing with manufacturing and distribution of electronic goods. The benefits can be even higher if the inventory management is integrated with other functions of the business, like accounting, and sales.
Feature of inventory management software
The main purpose of any inventory control system is to manage all phases of inventory. From stock taking and monitoring, recording changes in inventory level, to anticipating inventory needs. The main features of inventory management software include:
- Monitoring inventory levels – Unlike manually monitoring inventory where the manager will have to manually calculate whether the re-ordering level has been reached, the Inventory software is programmed to alert inventory managers when a specific threshold is attained. This helps to avoid tying up capital in inventory or loss of revenue from delays in new inventory orders
- Location tracking – Inventory management software comes with electronic kits that make it possible to track electronic devices through serial tracking or non-electronic devices using barcode technology while in the warehouse.
- Financial management – The best stock management system should allow you to keep track, update and monitor changes in space structure across different locations, products as well as customers. The system can also go a mile further by performing banking and reporting functions while keeping track of accounts.
- Customer management – Customer orders can be quickly tracked, customer profile information updated and sales figure recorded, all thanks to a good inventory control system.
You can improve customer satisfaction and increase productivity by providing up-to-date inventory information to customers and increasing the speed of transactions. This will help you to capture more revenue in the long run.
Unique Features of Managing Inventory for an Electronic Devices Distributor
New technology and innovation call for Software developers of inventory management to develop new tools that can be integrated into the inventory system to ensure the system meets the end users demands. The internet and powerful computer systems have made it possible for inventory information to be received and monitored wirelessly through linked networks. Many inventory management company issue tracking electronic devices that come with the software to allow scanning and tracking of inventory and send information to a data base through a network in real time.
Like many systems that depend on technology, inventory management has changed over time and it is now possible to run an inventory system in real time; increasing efficiency and reducing inventory operational costs.
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