Inventory control and management are key to profitability. Without proper management of inventory, your business runs the risk of overstocking, understocking, sending out the wrong product, or even losing track of items when you need them. Without effective inventory management of products and components, disorganization can eat into your company’s profit margins. Systems that control inventory through precise lot and batch tracking (using real-time data gathered by bar code scanners) are vital not only to maintain stock equilibrium but also to manage returns easily and pinpoint where your inventory is at any time.
For five decades, PRIDE Industries has been helping customers with inventory asset management for products and components. We manage stocks with real-time tracking that includes data on barcodes, SKUs, country of origin, and even costs. This useful data not only keeps stock organized and moving efficiently but also provides information on price fluctuations and product seasonality. Together with our fulfillment and supply chain logistics services we can help you make sure your products are where they need to be–creating profits for your business and providing customer satisfaction.
Proud recipient of Global SMT & Packaging Magazine’s 2021 GLOBAL Technology Award in the Contract Services category. This award recognizes PRIDE Industries’ innovation in electronics manufacturing processes, engineering services, and strategic supplier management.
An inventory management system is the hardware (e.g. barcode scanners) and software (for tracking) used to carry out the inventory management process.
There are three main types of inventory management: manual, periodic, and perpetual. Manual inventory management involves physical counting and manual recording on a spreadsheet. Periodic inventory management is taking stock on a monthly or quarterly basis. Perpetual inventory management is considered the most accurate method or system as inventory levels are recorded in real time using active radio frequency identification tags that are constantly updating.
Most large organizations and providers of inventory management will use real-time data tracking. While not as efficient, for smaller businesses, a manual method may be more cost-effective.
For many companies finding a reliable provider that can manage inventory as part of supply chain or fulfillment services is the simplest and most efficient way to manage inventory.
