Managing inventory in an appropriate manner can be instrumental in determining the level of satisfaction showcased by your customers. Efficient inventory management practices are indelibly bound up with customer satisfaction as maintaining adequate stock for effecting sales is a pre requisite to fulfilling the demands of customers.
The inventory management practices followed by your company must take into account the demand trends showcased by customers. Several factors have to be taken into consideration to judge and foresee the future demand for a particular product. It is not only essential to make the right kind of products available to your customers but is also equally important to make them available at the right time.
Several studies relating to the measurement of customer habits suggest that if a certain company is unable to meet their demands regarding a particular item, customers showcase a tendency to quickly shift to competitors who are able to provide a similar item. This in turn leads to huge losses for your company. Customers can even switch loyalties when you are unable to provide the required quantity of items in a specified time on account of low availability of stock. Most customers prefer to meet the gap in the quantity that they originally asked for and the quantity supplied by looking for alternate suppliers.
This makes it essential for businesses to come up with effective mechanisms to keep adequate inventory levels and replenish their stock on a regular basis as per customer demands. However, the maintenance of adequate inventory levels does not mean purchasing an excessive amount of inventory than what is required to meet the needs of the market as this can lead to adverse results.
There are several different techniques that can be used to measure the right amount of inventory for your business, for example, by dividing the number of stocked items shipped by the date or delivery communicated to the customer divided by the total number of items for which the order was actually placed. There are many such methods that can help arrive at an inventory figure using scientific techniques. Thus, inventory decisions must be based on logic and statistical analysis rather than on mere guess work.
For more details, contact McLane Logistics Technology, 4001 Central Ponte, Parkway, Temple, TX 76504. You can also call us at 1-800-989-7568.
The inventory management practices followed by your company must take into account the demand trends showcased by customers. Several factors have to be taken into consideration to judge and foresee the future demand for a particular product. It is not only essential to make the right kind of products available to your customers but is also equally important to make them available at the right time.
Several studies relating to the measurement of customer habits suggest that if a certain company is unable to meet their demands regarding a particular item, customers showcase a tendency to quickly shift to competitors who are able to provide a similar item. This in turn leads to huge losses for your company. Customers can even switch loyalties when you are unable to provide the required quantity of items in a specified time on account of low availability of stock. Most customers prefer to meet the gap in the quantity that they originally asked for and the quantity supplied by looking for alternate suppliers.
This makes it essential for businesses to come up with effective mechanisms to keep adequate inventory levels and replenish their stock on a regular basis as per customer demands. However, the maintenance of adequate inventory levels does not mean purchasing an excessive amount of inventory than what is required to meet the needs of the market as this can lead to adverse results.
There are several different techniques that can be used to measure the right amount of inventory for your business, for example, by dividing the number of stocked items shipped by the date or delivery communicated to the customer divided by the total number of items for which the order was actually placed. There are many such methods that can help arrive at an inventory figure using scientific techniques. Thus, inventory decisions must be based on logic and statistical analysis rather than on mere guess work.
For more details, contact McLane Logistics Technology, 4001 Central Ponte, Parkway, Temple, TX 76504. You can also call us at 1-800-989-7568.
