Inventory Management, in a nutshell, is the management and fulfilment of stock and orders held in storage, the subsequent sale, and finally how they are received by customers.
Throughout the entire order fulfilment process, inventory management is perhaps the single most important part within the supply chain, particularly for retailers selling online and via global marketplaces. Understanding the quality and quantity of stock held, and how quickly these items can be replenished will in-turn dictate the subsequent amount of product on sale and this, in its most simplistic view is inventory management.
Getting inventory management right, however, is a complex conundrum. In essence, the fundamentals are largely uniform regardless of company size, herein lies the four-stage process of inventory management.
Goods are purchased subject to the businesses need before being received into storage. Dependent then on the product, they are then either made up into the finished item or retained in stock as received ahead of sale. Once then a sale is received, these items are taken from storage (picked and packed) ahead of being distributed to the customer.
Throughout this process a series of tracking metrics are in play, be it a simple spreadsheet recording goods into a warehouse and out on lorries or something more complex with integrated account and ERP systems – denoting complete stock numbers, product location and any number of other data sources to keep on top of your stock and order management.
Understanding this process is easy enough but implementing a solution that is both adequate and scalable with the organisation’s growth, is an entirely different headache. Get it wrong, and it is the difference between a loyal, long-term customer and irreparable brand damage.
For Mosaic’s clients, it’s our combination of a cutting-edge warehouse management system (WMS), devoted account management teams and unique datahub technology that helps to set them apart from competitors. Providing actionable business intelligence that goes beyond stock management and offers real insights for eCommerce businesses.
Our clients can target specific actions tailored to behaviour, purchasing habits and channel, all so their marketing and operational spend goes where it’s needed, saving significant costs on storage and reducing waste.
Mosaic’s infrastructure allows for full integration with any bespoke website, web services, API & EDI solution and with platforms such as Magento, Shopify, Amazon & OpenCart marketplaces.