Accompanies inventory or warehouse is the heart and the hub. Inventory is something that changes constantly, getting influenced through daily sales, bills, receipts, returns. Thus, by hearing all of it, you can understand that it’s a whole lot of things to manage and control efficiently. Moreover, managing an inventory also becomes difficult as your business gets bigger. With a huge market hold, you also need to have an efficient inventory management system, helping you run a successful wholesale or retail business. Therefore, a proper inventory management system is much-needed by businesses to analyze everything properly and work. In this field, the inventory management system singapore is renowned as one of the best in the market in the services they offer work done and client satisfaction.
Categories of inventory management
Inventory management is not a small thing. However, it has different kinds of strategies to support the business in each and every way. The three main and must-have strategies that form the framework of any inventory management system are;
- The pull strategy
In this case, the customers pull the product creating a two-way demand and supply chain. Pull strategy is mainly focused on low inventory costs and focuses on customer demands and then plans the supply. If demands change rapidly, problems can arise in the output levels of the company, affecting the stocks and the brand name.
- The push strategy
The products are pushed first from the manufacturers based on expected customer demand. Instead of waiting to get the product demand, an average forecast is done to analyze the customer demands. And on that basis, supply is done. This strategy of Inventory management system Singapore involves a bit of risk since you’re creating a lot more products before they are even needed. But, it still promotes cost maintenance since one-time production is done and can be used for the fulfillment of clients’ demands.
- In-time strategy
The in-time inventory model focuses on creating products based on the demand schedule and then delivering that product to the customer right away. The in-time strategy has components of both the push strategy and the pull strategy since both customer demand and clear forecast understanding are needed. This model generally is opted by large business companies, having in hand raw materials to manufacture the products.
Now, if you want to choose one for your business, stick to what you need to achieve and pick the best.
