Inventory Management Review

“Inventory” to many small business owners is one of the more visible and tangible aspects of doing business.  Raw materials, goods in process and finished goods all represent various forms of inventory. Each type represents money tied up until the inventory leaves the company as purchased products.  Likewise, merchandise stocks in a retail store contribute to profits only when their sale puts money into the cash register.

In a literal sense, inventory refers to stocks of anything necessary to do business.  These stocks represent a large portion of the business investment and must be well managed in order to maximize profits. In fact, many small businesses cannot absorb the types of losses arising from poor inventory management.  Unless inventories are controlled, they are unreliable, inefficient and costly.

AMR top 25

AMR out look Tales from DDSN Leaders

This looks like a good overview report on Sales and Operations planning technology. 
 
Companies reviewed by this report include:

• Adexa
• AspenTech
• Cognos
• DCRA
• Demantra
• i2 Technologies
• Infor
• Intentia
• Interlace
• Kinaxis
• Logility
• Manugistics
• Oracle
• Prescient
• Right90
• SAP
• Silvon Software
• Steelwedge Software
• Supply Chain Consultants
• Symphony/RPM
• TXT e-solutions
• WAM Systems

MHIA has released its material handling equipment forecast.

This comprehensive forecast of material handling equipment
manufacturing is released each quarter and looks 12 to 18 months
forward to anticipate changes in the material handling and Logistics
marketplace. The 30+ page forecast includes:

• Content presented in the MHEM Segment Brief, plus
• Economic Cycle Analysis
• Leading Indicator Analysis
• National Association of Business Economists’ Forecast
• Capital Spending Analysis and Summary
• MHEM Forecast - Domestic, Imports, Exports, Consumption

MHEM represents over $20.0 Billion or approximately 30% to 35% of
our estimate for US Material Handling Consumption of nearly $125
Billion. The history and forecast includes the following equipment
categories:

• Conveyors and Conveying Equipment
• Overhead Traveling Cranes, Hoists, and Monorail Systems
• Industrial Truck, Tractors, Trailers and Stacker Machinery
• Other Material Handling Equipment

• CompuStock - Stock-takers and inventory specialists to the licensed and retail trades located in Northwest England.
• Franklands - European stock counting services and solutions.
• Hart Systems, Inc. - Rental physical inventory equipment, plus inventory, cycle count, and loss prevention audit services.
• IGP Inventory Specialist - Physical inventory service and stocktaking equipment rental.
• Inventory Count Enterprise Inc. - Provider of physical inventory service with clients from Florida to the Caribbean.
• Inventory Systems - Software, barcode scanners, and label printers. Profile and product range.
• LBS, Inc. - Provides retail inventory services in the midwest United States.
• MSI Inventory Service - Physical inventory services throughout much of the United States. Includes services, employment and contact information.
• Quantum Services - Audit and inventory services for convenience stores. Includes employment information and services.
• RGIS Inventory Specialists - Inventory control service to the world’s retailers, warehouses and manufacturers. Offers barcode, scanning, inventory management resources, and marketing services.
• Sure Count - UK company offering stocktaking and audit services.
• thestocktakers.com - Stocktaking, audit, and management services in the UK. Includes services and contacts.
• Volunteer Inventory Service - Provides inventory auditing services for retailers in the Southeast U.S.
• Washington Inventory Service - Offers inventory services including disaster recovery inventories, on-site vendor audits, and liquidation inventories.

• Activant Solutions Inc. - Provides distribution technology solutions and services to wholesale distributors throughout North America.
• ADi SmartBOL Bill of Lading Software - VICS bill of lading software for shippers
• Amplexus - Distribution software for wholesaling businesses, provides integrated inventory management, sales analysis, purchasing, accounting, order entry, and optional E-Commerce.
• Aperum - Software for distributors, includes TakeStock, FACTS and Distributors Management Accounting System (DMAS).
• Application Solutions, Inc. - Provides paperless supply chain and logistics systems. Product, services and contact information.
• Apprise Software, Inc. - Financial and operational software for consumer goods distributors that addresses importing through meeting compliance requirements of mass merchant/retail customers.
• Argos Software - Distribution and logistics software with specialties including four level tracking, barcoding and hand held enabled software.
• Astra Information Systems - Business software systems for wholesale food and foodservice distributors, importers, and processors. Information on products, news and support.
• ATL Corporation - Web-Based warehouse management system designed in Java.
• Automated Distribution Systems Specialists - Design, consultation, and software for advanced distribution management systems.
• Axiom Software Ltd. - Windows software designed for electronic and electrical parts distributors.
• Basik Solutions - Package tracking and delivery confirmation software.
• BCP Accord - Provides supply chain, warehouse management and logistics software for the wholesale and retail food distribution industry.
• BelTek Systems Design, Inc. - Route accounting sales solutions, DEX, direct store delivery and wireless data collection. Company, product, support and contact information.
• Beta Barcode Solutions - Specializing in solution development Beta Barcode Solutions can supply verification hardware and software and 2D, UV Barcodes.
• Boxcar Central - Internet based software for distribution and logistics including order and warehouse management. Includes description of system and modules, news and information on the company and contact information.
• BSW Consulting - Guide and evaluation tools of leading wholesale distribution software. Includes information on distribution associations and industry information.
• Business Applications, Inc. - Hardgoods wholesale distribution and accounting AS400 software with realtime business to business e-commerce order processing.
• Cadre Technologies - Automated solutions for warehousing, transportation, and logistics.
• Cambar Software - Distribution systems for high-volume distributors, manufacturers, and third-party logistics companies.
• Catalog Builder Software - Allows wholesale distributors to create and manage catalogs and price sheets without graphic design or programming.
• Chess Logistics Technology, Ltd. - Supplier of Empirica warehouse management software in the UK. Radio management software and realtime management systems.
• Chiron Technologies, Inc. - Advanced logistics, manufacturing, and warehousing software for supply chain management.
• Commerce Solutions LLC - Offer wholesaler and food service distribution software.
• Computerized Inventory Systems Specialists - Inventory control, purchasing and asset management systems, Allentown, Pennsylvania, United States.
• Cristal Warehouse Management System - Designed as a low cost, feature rich Windows based WMS.
• Customware Solutions, Inc. - WARES public warehouse management system and EDI*Atlas.
• DDi System - Enterprise Distribution Management Solution for mid-size and smaller distributors, including plumbing, electrical, janitorial, industrial and hardgoods.
• DeFacto Software - ERP solutions offering integrated accounting, logistics, production, CRM and costing solutions. Ipswich, Suffolk, UK.
• Descore Inc. - Niche distributor of computer software to Canadian ISV’s and VAR’s.
• Dhanalakshmi Business Accounting Inventory Software for Traders - Business accounting inventory software for traders, dealers and distributors that supports right to left languages including Arabic, Urdu, Farsi and Hebrew.
• Dimasys - Distribution software covering all aspects of warehouse management, inventory control, and supply chain management.
• Dispro Software - ProScient Consultant Inc. - Warehouse management software, Quebec, Canada.
• DMSi Software - Accounting and business management software for millwork, lumber and building material distributors. Includes product and industry information, news and contact information.
• DPS International - Global fleet scheduling, tracking and route planning software including web based systems. Designed for integration into other applications.
• Eclipse Systems Pvt. Ltd. - Warehouse management and inventory management system with paper free bar coded transactions.
• EDI Support Inc. - Providing EDI, UPC, e-commerce and warehouse management software to retailers and vendors.
• Faspac Systems - Software for the wholesale fastener distribution industry.
• FootWorks Information System - Distribution software for footwear and apparel companies including EDI, warehouse automation, and sourcing.
• Gillani, Inc. - Supply chain management solutions. Corporate information, products, services, news, job and contact information.
• Harvey Software, Inc. - Parcel software for UPS, FedEx, and USPS.
• HotStatus Enterprises - Application services provider (ASP) offering warehouse management utilizing hand held devices.
• IDS-World.com - Food distribution software including business, supply chain, and warehouse management. Information on products, events, training, resources, careers and contact information.
• Infinite Functions - Provides web based manufacturing and warehouse management systems.
• InfoTech Systems - Provides AMICS inventory software for manufacturing, distribution and made-to-order companies.
• Innovative Automation - Warehouse control software for all levels of warehouse and stockroom management applications.
• Innovative Systems Pty Ltd - ISTHMUS logistics software, particularly suitable for contract warehousing and distribution companies.
• Integrated Management Solutions - Food distribution software for the food industry.
• Integrated Systems Technology - Enterprise client/server and UNIX financial and wholesale distribution software with e-commerce, inventory and warehouse management.
• Integrated Warehousing Solutions, LLC - Provides warehouse management system (WMS) software including RF and barcoding technology.
• International Business Systems, IBS - Supply chain management software for distribution, manufacturing, warehouse management, financials and business intelligence.
• International Business Systems (IBS) UK Ltd. - Distribution and supply chain software focusing on e-business. United Kingdom.
• JDH Warehouse Management Systems - Warehouse management systems for IBM’s AS/400 series and Windows NT.
• JustEnough Software - Software for inventory optimization and demand planning designed for organizations in the retail and distribution sectors.
• Kimzey Software Solutions - MetalTrax is a complete inventory control, accounting, and sales system for metal distributors.
• LOGIM Software GmbH . - Software for the optimisation of warehouse logistics, automation, management, picking, fork-lift management, track and trace.
• Lumberjack Software - Building Materials and Lumber Yard Distribution software including inventory, accounting and millwork.
• Maintenance Parts Bin - Maintenance inventory software used for tracking parts, including computer and automobile.
• Manufacturer & Distribution Systems Inc. - Distribution systems for wholesale users featuring total inventory control, kitting, serial tracking. Appropriate for durable goods, food, cosemetics, drug and soft goods.
• M-Group Warehouse Management - Warehousing and food distribution solution for the AS/400 platform.
• Mincron Software Systems - Software for the wholesale distribution industry and warehouse logistics.
• Minerva Associates. Inc. - Warehouse management system with directed management of operators, control of automated equipment and inventory tracking.
• Minidata, Ltd. - Provides distribution center scheduling software including routing, batching, manpower planning and dock management. Located in Mississauga, Ontario, Canada.
• NECS, Inc. - Client/server food distribution systems including remote order entry and internet access for customers.
• NewVision Distribution Software - Client/server wholesale distribution software with inventory and warehouse management, financials, e-commerce utilizing XML, internet and browser accessibility.
• Numeric Computer Systems Inc. - Provides route and distribution management systems automating back office functions for mobile sales delivery businesses.
• Order Power - Enterprise AS/400 software solution for catalog and web commerce.
• OrderHawk Software - Information on online order entry system for foodservice companies.
• Orderite, LLC - Automated order entry system, based on handheld computers or the internet linking distributors with their customers.
• Pacejet Logistics - Web-native/MS.NET logistics resource management software for shipping with truckload-parcel-fleet, warehouse management and distribution. Integrates with your ERP.
• PCI Exchange - Provides wireless and mobile warehouse systems and database development.
• PITAN - Prime Information Technology and Networks - Logistics management systems cover warehouse management, 3pl multi-client contract distribution and freight management for businesses across Australia and New Zealand.
• Practical Compliance Solutions (PCS) - Provides vics bill of lading solutions that enable you to become compliant, quickly and easily.
• Prelude Systems, Inc. - Information on distribution systems including e-commerce, inventory, financials, contact management and sales order entry.
• Prism Visual Software, Inc. - Route management solution for product delivery, route sales, pre-order with fully integrated accounting. Offer wireless capability add-on.
• Profitmaster Systems Ltd. - Wholesale and distribution software including integrated accounting, order processing, stock control and e-commerce. Accounting is specific to UK requirements.
• QC Software - Provides a full complement of services to companies big and small, including design, programming, and implementation.
• QuikVixBOL VICS - A bolt on solution for printing the vics bill of lading. It prints on plain paper and is platform independent.
• Radio Beacon WMS - Radio Beacon Inc. products extend accounting processes into the warehouse, making your warehouse accountable.
• RT Systems - Real time warehouse management system
• Rutherford and Associates - eoStar - Wholesale distribution management software integrating back-office operations with mobile sales and delivery solutions.
• SkuFlow Inventory Systems - Wireless inventory control system.
• Smart Warehouse Systems - Windows based warehouse management software,
• Software Concept - Fully integrated software solution for distribution and e-commerce for the IBM iSeries 400.
• Solid Innovation - Software to manage route sales, delivery, and settlement through wireless invoicing, mobile inventory control, and integrated accounting systems.
• Solutions Analysis Pty. Ltd. - Provides distribution and manufacturing systems for AS/400 and via ASP, Australia.
• SpanPro Solutions - Interactive Inventory, web-based warehousing system for management of ordering, tracking, and receiving.
• Starre Enterprises - Software for printing bill of lading form requirements to a standard laser printer.
• Sterland Computing - Providers of Prostix Software, an ERP system for the building supplies industry.
• Stocker - Warehouse management software from PulseStar.
• Storagement Warehouse Management - Provides warehouse management and logistics systems, Berlin, Germany.
• Streamware Corporation - Management software for route service including vending, and direct store delivery markets. Includes product, support and contact information.
• Swift Computing Ltd. - Supply warehousing and supply chain software. Product specifications available in PDF format .
• 3SYS Inc. - Business software for food distribution company and integrated management solutions.
• Target Data Systems, Inc. - Integrated system for food service distribution. Includes barcoding, warehouse management and Internet order entry.
• Technology Group International - Developer of software for distribution and manufacturing industries. Software products include ERP, SCM, MRP, WMS, e-commerce, decision support, and business intelligence.
• Transware Computer Services Limited - Specialising in developing and marketing logistics software solutions to the third party logistics, distribution and retail sectors.
• Tribute Software - Enterprise-wide distribution management software for industrial distributors.
• Turille and Associates - Beverage distribution system written in RPG/400.
• Tuttle, Sullivan and Company - AS/400 system designed with ERP and light MRP functions.
• Validata Computer & Research Corporation - Develops route management and accountability software for the vending, office coffee service, direct store delivery industries.
• The Venture Information System - Web based ERP application that allows importers to access system from anywhere in the world.
• Vermont Information Processing - Complete software package for beverage wholesalers.
• Visual Online Data, Inc. - Developers of Visual Inventory, browser based warehouse inventory software.
• Wholesale Distribution Software - Distribution One Inc. provides software applications to help efficiently run a distributor’s business.

By James Hunt

If you have a company that handles large amounts of inventory you’re going to want to have a system in place that lets you manage your inventory in a way that you always know exactly what you have on hand, what has been sold and spoken for, and what stock you have arriving.  Managing the fulfillment of your orders is very important so that you don’t run out of inventory.  Running out of inventory can mean losing sales and this is a scenario that you want to avoid.  Inventory management can be made easy with the use of inventory software that is available to do all the work for you.  No more papers lying around waiting to be filed.

Inventory software is easy to use and will most times come with a tutorial to help you get started.  You’ll be able to keep track of the inventory that pertains to your business without ever having to second guess yourself again.  As well as an accurate record of what inventory you have on hand you’ll also be able to keep track of your costs, expenses, and debts.  Most inventory management will also let you keep track of the equipment that you have that is used as your business capital. If you have any equipment that is depreciated you’ll be able to tell at a glance what the value is.  With all the functionality of an inventory software program you may be able to reduce those other types of business software that you’re using to keep records and information about other aspects of your business.

There are many different types of inventory software on the market.  If you’re unsure about what management system to buy you can check reviews of software in many business magazines and journals.  Many software companies will offer their software with a trial version so you can use they program for a couple of weeks or will give you an extensive online overview of their product before you decide to buy.

James Hunt has spent 15 years as a professional writer and researcher covering stories that cover a whole spectrum of interest.
Read more at  http://www.inventory-management-center.com

Article Source: http://EzineArticles.com/?expert=James_Hunt

By Edward McMahon

For the smaller inventory intensive businesses, management of the inventory is a most important task for the entrepreneur. Unfortunately, it is not always understood. In many retail businesses, inventory is the largest asset on the balance sheet. Today’s technology allows even the smallest retailers to track their inventory and sales and to know what their customers are buying.

One of your most important activities is planning your inventory purchases. Too often, little or no planning goes into inventory acquisition. Know what your customers are buying and what is not moving. If you don’t know this, you can not plan your inventory. Don’t buy yesterday’s sales; buy tomorrow’s sales. Use yesterday as a guide, adjusted by your experience, research in the marketplace and knowledge of your target audience. Forecast your sales as accurately as possible to insure your inventory matches those forecasts

An important consideration in inventory management is inventory mix. Mix includes size as well as fashions and style. Do you have everything the customer wants? If not, you miss sales opportunities. If you have inventory the customer does not want, the cash used for that inventory, but needed elsewhere in your business, is not available. Search for the right balance. One should look at inventory as cash sitting on the shelves. If it does not sell, the “cash on the shelves” is doing nothing for your business, except increasing costs. Inventory that does not move within a reasonable length of time should be aggressively sold to recover the cash.

Knowing what is selling and adjusting your inventory accordingly should result in improved inventory turns. One of the best ways to improve financial performance is to increase the turnover, the number of times the value of your inventory sells each year. Revenue increases, without additional fixed costs, results in increased cash income and profit.

Equally important is careful inventory management of seasonal items. Try not to have a stock room full of last year’s inventory waiting for next season. Not only is the inventory of no value, it is incurring interest expense, storage expense and the risk of obselesence. Inventory planning is an important tool to prevent this.

We all know the market sets the price and the reseller has little to say about the predominate price levels in the marketplace. But you do have or should have a great deal to say about the cost of the product you are selling.

When you purchase inventory for resale, you should have a general idea of the market-selling price for those products and this is your best estimate for forecasting margins.

Question your vendors about what is moving and at what price levels. Do your own market research by visiting competitors and seeing what is being promoted and at what price levels. Track your sales carefully to understand the margins you are enjoying on various classes of products.

There are a number of software packages for use with POS terminals that can help you track this important asset. Do not be satisfied that less than 50% of your inventory is accounting for the bulk of the sales. Strive to move your entire inventory.

Don’t hesitate to “distress sale” slow moving inventories. Some say that destroys margins. How false a notion. If it is on the shelf, it is providing no margin, only additional costs.

Inventory costs include your cost of capital, the allocated space and overhead costs, insurance, the risk of obsolescence and deterioration and the final risk to small businesses, shrinkage, the inventory that sometimes walks out the back door rather than the front door.

Protect the inventory as you do cash in the register. It is that important. Good inventory management means continually adjusting your inventory mix to meet the customer’s needs; aggressively eliminating slow moving, obsolete and season ending inventory to recover the cash for another day; planning you inventory to match your mix and sales forecasts; continually measuring inventory turn to increase revenue and profits; and managing your inventory to eliminate shrinkage.

Using technology and having a positive attitude about inventory management can improve your performance and profits. Don’t ignore this part of your business because it is not as glamorous or exciting as selling. Done right, it will put money in your pocket.

Ed McMahon, MBA, is the author of “Understanding Small Business”. He graduated from Villanova U., City University of New York and completed post graduate work at the Stanford University Graduate School of Business. He has extensive small business experience as an owner, investor and counselor. He taught Industrial Marketing at the graduate school level, bookeeping and accounting at the business school level and has taught understanding small business workshops for the past 11 years at the Junior and community college levels.  He can be reached at usb@houston.rr.com

Article Source: http://EzineArticles.com/?expert=Edward_McMahon

Companies are discovering how to better maintain inventory and fill orders with powerful new tools and best practices. Find out how they’re making drastic cuts like 30% less inventory look easy.When managing warehouses, companies aim to reduce costs in two major operations—maintaining inventory and filling customer orders. To make both more efficient, they are not only adopting new technology solutions but also implementing “best practice” procedures. While the high-tech approach involves utilizing new software tools (think “collaborative visibility” and “inventory optimization”), the “best practice” tack entails arranging items in the warehouse or distribution center in the most expedient manner.

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