In today’s fast, focused, and competitive landscape, distribution companies have a choice—evolve or fail. A topic we’ve discussed in great detail over the past few months, if it’s your job to move a product, you need to have visibility, control, and an eye toward the future.
While the prospect of failure may be something that keeps you up at night, few think of the challenges that come if you succeed.
During the early stages, business leaders focus—rightfully so—on making it to the next month. Setting up shop, establishing physical or virtual locations, staffing up, choosing product lines, and finding customers are all top of mind during this stage. However, as a company begins to succeed, the attention needs to turn to answering “what’s next?”
Scalable Inventory Management: Buy Before It’s Too Late
For today’s business, this often means shifting your focus. Whether in the form of moving online, expanding into new geographies, or increasing the number of product lines, this period of expansion requires you to act fast. New hires, more salespeople, new capital investment, and in many cases, new software.
However, it’s sensible to invest today in tomorrow’s solutions. Software solutions must adequately scale with their users, and if you buy for both current and future needs, the software’s ability to grow with you will prevent headaches later on.
Inventory Management: The Right Products in the Right Quantities in the Right Place and Right Time
Achieving growth goals can be easier and less costly with technology, but only if that technology is flexible, scalable, adaptable and cloud-based. A scalable inventory management solution can reduce costs, improve efficiencies and simplify even the most dynamic distribution environments, helping distributors to reduce the manual load on their staff and tackle some of the most common pain points.
Inventory management includes product ordering, storage and control. It’s about having the right products in the right quantities in the right place and at the right time—and all at the right cost. By governing non-capitalized assets and monitoring the movement of products from distributor to end user, inventory management requires detailed recordkeeping for every stocked product.
Learn More: Free Whitepaper Discusses How to Pick a Scalable Inventory Management System
Today’s inventory management processes incorporate advanced technology. Scalable inventory management software, for example, enables real-time updates of inventory counts on a regular basis, giving your people a complete view of products from point of origin to end user. If you are looking to learn more about how to select a scalable inventory management system, we invite you to download a free whitepaper from our friends at NetSuite, which discussed this topic in greater detail and helps companies like yours simplify the decision making process.
Titled How to Pick an Inventory Management Solution That Scales with Your Business, this guide is available for distributors here as well as food and beverage companies here. As a leading provider of NetSuite for product based businesses like those in the Distribution and Food & Beverage industries, MIBAR can help you do more with your business. Get to know more about us, our success stories, and contact us for more details.
Check out these additional resources on NetSuite: