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Home / Blog / Are You Making the Best Inventory Decisions for your Business?
Are You Making the Best Inventory Decisions for Your Business?
In Partnership with NETSTOCK
Published: 2nd March 2022
Managing your mining inventory while navigating ongoing supply chain disruptions and growing your business is a complex and time-consuming task if you don’t have the right tools and processes in place. Inventory management is part of your supply chain, whether you’re in mining or provide services to the mining industry. It requires the right amount of stock available for your customers at the right time.
Do You Have the right software to fuel your business growth?
What is inventory management?
Inventory management helps companies identify what type of stock to order at required times while monitoring the inventory from purchase to sale. Optimising inventory uses accurate data to make efficient decisions that factor in demand and supply risks into your inventory planning. With the right information, you can make actionable insights, such as working with the right suppliers, generating accurate forecasts that allow you to place optimal orders that factor in the safety stock you need while ensuring you don’t experience stock-outs.
How can inventory management software grow your business?
Monetary saving is why businesses decide to invest in an inventory management solution. A study conducted by PwC states that there is €1.2 trillion excess working capital tied up on a global balance sheet.
A lot of businesses’ working capital is tied up in inventory. Having an inventory management system can help you reduce your inventory level while ensuring you have the right amount of stock. In some cases, you can reduce your inventory level by 20-30%¹. What would you do with that extra capital?
Since investing in NETSTOCK, Index limited has transformed its inventory, saving costs while offering excellent customer service. “We reduced our overall inventory value by 35% and improved our fill rate by 3%. An amazing result!” Khoe Sheng Neoh, Commercial Manager, Minerals, Imdex Limited.
An inventory management software enhances your current ERP’s capabilities. The data in your ERP will not give you the level of detail and insights you need to optimise your inventory successfully.
“Investment in technologies that offer visibility across the inbound and outbound supply chains is another key aspect for miners to anticipate and mitigate disruptions” – AustralianMining.com
Six benefits of investing in inventory management software:
Increased inventory visibility: View and measure the key performing inventory factors you need to optimise inventory effectively, such as your stock holding, why you are over-stocked or under-stocked of critical items, and how well you can service your customers.
Accurate forecasting: A sophisticated forecasting engine generates reliable sales forecasts, so you can place optimal orders that calculate the right safety stock you need while reducing the risk of stock-outs or carrying excess inventory.
Decentralised purchasing: Utilising inventory management software like NETSTOCK, which is designed to accommodate unlimited users, means anyone in your business can make purchases for their department without needing to streamline to top executives or a single procurement team.
Improves cash flow: With the increased visibility of your stock holding, you are prepared for sudden demand spikes or seasonality, resulting in a more consistent and improved cash flow.
Satisfying customers: If you are a mining services business and your customers are receiving their orders on time and in full, they’re more likely to be repeat customers and promote word of mouth of your business.
Improve supplier lead times: Having access to real-time data collection and analytics allows you to measure how well your suppliers perform. Knowing which suppliers deliver on time and in full means your ordering frequency can be automatically updated based on changes to supplier lead times, ensuring you always have the right stock to meet demand.
Selecting an inventory management software may seem daunting and costly, but your business can take its inventory optimisation to the next level with the right solution.
If you’re interested in learning how an inventory management software like NETSTOCK can grow your business, register for the NETSTOCK and Scope Systems Mining industry webinar. Drive smarter inventory decisions on Tuesday, 5th of April at 10am AWST.
Register here: https://netstock.zoom.us/webinar/register/WN_K-v-UTxuSyixvhunHaKXAQ
References:
- NETSTOCK’s own customer data analysis
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