Inventory Management Service
Inventory usually represents the second largest expense in a business. Too much inventory can result in wasted space and money. Too little inventory can cause costly delays in production and worse, order cancellations.
Inventory planning and control is essential in any business. And if not done right, not only is a business losing money and precious time, it can also cause late deliveries and unhappy customers. For the manufacturers who deal with small parts, finding someone to manage their inventory is especially difficult. And without the right information, the Purchasing Department will end up purchasing useless parts that can delay production. This is just one scenario.
Because we believe in helping our clients, Master Industrial Supply offers Inventory Management Service that helps your business focus less in inventory and more in what you do best, your products. Below are some of the benefits you gain from signing up with our Inventory Management Service.
Benefits of the Inventory Management Service
- Improves Cash Flow and Profits
- Purchasing the correct inventory in the right amount to meet customer demand equals lower inventory cost.
- The money spent on overstocking can go to other and better uses.
- Limiting the obsolete inventory as a result of overstocking. You don’t have to be saddled with hundreds of obsolete parts when a new and better design comes out.
- Storing unnecessary inventory requires space, storage units like bins, cabinets and shelving. Overtime, they can add up and if not properly maintained, parts get lost or misplaced.
- Improves Productivity
- Manufacturing facilities should always maintain proper inventory of the supplies necessary to produce their products. If one component is missing from the inventory, the whole production process is interrupted. Streamlined operations are an important benefit of an effective inventory management system.
- Having the right inventory reduces time processing orders which results in happy customers. - Less time wasted waiting for parts to arrive due to understocking.
- Reduce time and effort in purchasing and managing inventory
What Master Industrial will do for you
When you sign up for the Inventory Management Service, a Inventory specialist (IS) will be assigned to you. Based on your existing inventory and information collected from your staff, a data / report will be established.
Our Inventory Specialist will go to your location based on the agreed schedule. The IS will gather data based on the present usage, and your requirements. From this data, the IS will make a suggestion as to which parts needs to be re ordered and the quantity. Your Purchaser will prepare the PO and we will deliver the parts.
In time, based on continuous data gathering, a more accurate data, inventory and purchasing will require less time and effort that will result in less cost and more profits for your business.
Contact Master Industrial and get started today!
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