Why is Inventory Control Important?
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 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.
Featured Case Study
Supply Chain and Logistics Services
At PRIDE Industries, we help companies increase profits by stabilizing their supply chain. Our facilities minimize your risk of disruption, optimize fulfillment processing, and provide flexible, on-demand inventory schedules.
Based on the West Coast our warehousing and distribution centers provide 24/7 operational services, ensuring your supply chain needs are managed effectively and competitively. Every day we receive, inspect, warehouse, and ship thousands of products all over the world. We provide supply chain services to high-tech companies, medical device manufacturers, food vendors, and consumer goods producers.
For more than 30 years, we have integrated supplier performance management, inventory controls, and tracking to provide innovative, technology-driven supply chain management services to hundreds of global organizations. Whatever your product, at PRIDE Industries we have a supply chain solution that can improve efficiency and lower your costs.
Procurement Management
As experts in strategic sourcing, we can easily transfer to alternate suppliers to simplify logistics and optimize efficiency when product parameters change.
Materials Management
Our experienced engineers can partner with your staff to select and source the optimal materials for your product.
Order Fulfillment Management
A streamlined system of tagging and tracking removes bottlenecks and speeds up product delivery.
Demand Planning
Our rigorous, data-driven planning processes allow us to precisely forecast material needs, even for products with cyclical demand.
EDI and Web-Based Interfaces
We use the latest communication technologies to rapidly implement changes in product configuration and shipping parameters.
Program and Account Management
Your dedicated customer service representative will respond quickly to product updates and change requests.
Supply Chain Transformation
PRIDE Industries can help you update your supply chain management to improve efficiency and save money.
Logistics and Reverse Logistics Management
We offer lifecycle management of your products, including product recycling, RMA services, end-of-life support, and reverse logistics services.
Customer-First Service
Product Sourcing and Vendor Management Common Questions
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For retail companies product sourcing is the process of finding suppliers or manufacturers who have the inventory your company needs for resale. Finding suppliers with items at the right price and availability are just two of the parameters impacting your bottom line that make good product sourcing so vital.
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While it’s easy to go online and find a supplier not only is this extremely time-consuming but ensuring vendor reliability and product quality can be tricky. Finding a company who has established relationships with suppliers and are experienced in vendor management is a more reliable and cost-effective way to source products. Established and trustworthy companies with supply chain knowledge can find the right suppliers based on your needs.
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Vendor management is the process of finding, developing, managing, and retaining relationships with suppliers and vendors. It also involves maintaining costs and minimizing risk in the supply chain.
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Products can be sourced directly from manufacturers, through wholesale suppliers (found online or through tradeshows), or via third-party experts who have established relationships with a range of suppliers.
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Managing vendors effectively requires comprehensive knowledge of supply chains and solid relationships with suppliers. This takes time and can be harder for smaller businesses, or businesses that are just starting out. A good alternative to managing vendors yourself is to find a company experienced in vendor management and supply chains, with expert vendor managers who can easily and effectively find and manage suppliers that work for your business.
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Vendor management includes finding the right source for supplies or products, negotiating pricing and contracts, and monitoring quality, performance and delivery timeframes. Vendor management also includes soft skills such as good communication and relationship building.
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The first stage is finding the right vendor. After identifying the right supplier a vendor manager has to negotiate supplies needed while building a relationship with the vendor. After a contract has been made the next stage is maintaining and retaining a relationship with the supplier, not only for the current contract but for potential future supply contracts.
