Manufacturing inventory management is the process of keeping track of all the goods your company has in stock. And the benefits of good stock management are clear because the costs of doing it poorly are so high. If you have too much inventory, you are tying up cash and wasting money on resources like stock room space. On the other hand, understocking can lead to delayed deliveries and mobs of unhappy customers wielding pitchforks at your door.
If you’re dealing with physical products, manufacturing inventory management is a central part of your business, and how well you do it will determine your success. That includes your in-house processes and the software solutions you use. As a modern manufacturer, you need inventory management systems built with your business needs in mind, which is why adopting a manufacturing ERP can be a huge game-changer.
To help you take your inventory game to the next level, Katana put together the low-down on everything you need to know about inventory management for growing businesses — top to bottom. Many manufacturers and production planners don’t apply the following principles. If you can master and implement the advice below, you’ll put yourself ahead of 99% of the competition in no time.