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Distributors around the globe face similar challenges with inventory. These common problems put distributors at a competitive disadvantage as customer expectations rise.
Common challenges include:
Effective inventory management
A systematic plan to achieve effective inventory management will allow you to meet and exceed customers’ expectations of product availability. In addition, effective inventory management will maximize net profit by minimizing total inventory investment. Effective inventory management results from the balance of inventory control and inventory management.
Inventory control is managing the inventory that is already in your warehouse, stockroom, or store, including:
Inventory management is determining when to order products, how much to order, and the most effective source of supply for each item in each warehouse – that is, ensuring that you have the right quantity of the right item in the right location at the right time. Inventory management includes all of the activities involved in forecasting and replenishment.
Customers expect you to know what is in stock and when you can ship. Let us help you find the right balance of effective inventory management with a financial management system that helps you deliver on time and on budget.
Published on 2nd February 2012 by Jeanne DeWitt.