Creating a more efficient inventory management process is a combination of technology utilization and business practices.
The benefits of doing so are not insignificant:
- Less dollars spent on inventory purchases
- Fewer labor hours dedicated to managing inventory and happier staff
- Increased inventory turns
- Less chance of expired inventory
- Efficient utilization of expensive packaging machines
- Reduced risk of audit violations and reduced margins
Quantify and qualify your on-hand inventory at any given point with perpetual inventory functionality within FrameworkLTC.
“Turns are a very good indicator of efficiencies. Over the first 6 months of 2017 we averaged between 19 and 20 turns, so from an efficiency standpoint, the implementation of perpetual inventory allowed us to be much more efficient.”