Inventory Management Is An Absolute Necessity
Keep the Lifeblood Flowing
By Steve Sniff
Likely, none of us remember the“ good ol’ days” when inventory management meant sharpening your pencil, counting your goods and putting notations in your ledger while erasing and making changes to numbers that were a little off. Since those days, we’ ve had the Industrial Revolution, the Information Age, the Computer Era and the advent of Artificial Intelligence( AI). All of those epochs made business more productive and, at the same time, erased all memories of“ simpler times.”
However, inventory management continues to be one of the most important facets of any business model, one that cannot be disregarded. What are its benefits and what strategies are available to business owners who deal in machinery parts today?
The Benefits Far from being an option, the lifeblood of a business that maintains an inventory is the inventory itself. You may deal in“ parts” as big as a dozer bucket and as small as a cotter pin. If these were all just stocked together on a few shelves, how would you know how to find one and whether or not it was out of stock?
As an old saying states,“ Inventory management is not an accounting issue, it’ s a survival issue.”
Indeed, a management system is the only way to know what you have, why you have it and where it can be located. This information helps to reduce operating costs, gives you insights that aid with
32 October 4, 2024 www. contractorshotline. com