Be In Control of Your Business’s Logistics with a 3PL Inventory Management System
Does your business lack the internal resources to manage inventory properly, constantly struggling to keep up with consumer demand and facing challenges with limited warehouse space?
A critical part of logistics is inventory management. For a company, especially smaller businesses, keeping track of this daily without extra help or a system in place can be overwhelming, costly and time-consuming. However, that’s where a third-party logistics (3PL) company can help!
Alongside offering warehousing, transportation and supply chain services, McKenna Logistics offers robust inventory management systems that provide you with the technology and digital infrastructure to run your business efficiently and effectively.
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What is an Inventory Management System?
Inventory management tracks and controls a business’s stock from manufacturing to warehousing and delivery. This includes monitoring inventory levels, tracking the status of distribution, and managing the reordering of products.
An inventory management system (IMS) is vital in this process. This software allows 3PLs to provide businesses with up-to-date information about their inventory through online portals, dashboards, reports, data exports, alerts and notifications. Direct access to the inventory management system can be made available to provide even further inventory visibility.
In the past, inventory management has been a manual process that requires in-person visits to warehousing locations. With an inventory management system, clients can find all the data they need online whenever they need it so they can make the best business decisions possible.
How a 3PL Inventory Management System Works
An inventory management system works by tracking and managing the flow of goods in and out of a business’s inventory.
To properly monitor this, the software has a database that stores critical information about the inventory, such as SKU numbers, units of measure, product descriptions, location, and quantities.
When an item is added to the inventory, it’s scanned or entered into the system, which then updates the inventory levels to reflect the new quantity. Conversely, when an item is distributed or sold, the system marks a decrease in inventory level to provide an accurate picture of the available stock remaining.
When certain products or materials get too low, the system can flag this, providing businesses with ample lead time to get in touch with their suppliers to ensure they always have enough inventory to meet consumer demand. A system can replenish stock automatically when it falls below a certain level through automation.
The inventory management system also provides reporting and analysis capabilities, allowing managers to assess inventory levels, sales and other important data to forecast demands and make smarter purchasing decisions. In some cases, inventory management systems can also integrate with ecommerce platforms or account software for a full, comprehensive view of your business.
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How a 3pl Inventory Management System Can Boost Your Business
Inventory management is crucial to running a business, so having access to inventory management systems from your 3PL provider is vital.
With all this information available 24/7, your business can experience the following benefits:
- Better inventory visibility
- Reduced carrying costs
- Increased efficiency
- Improved customer satisfaction
- Enhanced forecasting and business intelligence
- Better control over financial performance
- Reduced waste and spoilage
- Increased inventory turnover
- Stronger supplier relationships
- Avoidance of costly mistakes
Consider McKenna’s 3PL Inventory Management System for Your Business
McKenna Logistics streamlines the process of tracking and managing inventory through our robust inventory management systems.
With an easy-to-access web portal, we provide your business with everything you need to know concerning inventory. Our online database includes frequent updates on inventory levels, order fulfillment, and timelines of shipments that are all downloadable into Excel reports.
By outsourcing your inventory management to our logistics experts, you can put your valuable time, energy and resources back into your core business activities.
Contact us today to explore a logistics inventory management partnership.