Inventory as a Customer Service Element
There is reduced productivity from the examples due to lack of inventory software implementation in the companies, hence decreasing the assets’ utilization because of the time spent searching for the parts that increase downtime. For the companies to remain competitive and efficient, operational strategies should be put in place for fulfillment. The companies considering inventory as a crucial piece of their profitability should track their product information to ensure the stock is kept. (Lewis, 2017) The performance of the supplier should be analyzed since it can cause problems for the company inventory. Moreover, due to the growth in technology worldwide, the company can invest in inventory management technology since the software makes the tasks more manageable.
Student 1: A practical management inventory reduces costs and keeps the accounts and finances in check; hence from the view of the customer, the company can provide better customer service via fast delivery and cheaper shipping costs, therefore, meeting the expectations of the customers. Thus, the inventory should be objective and ensuring proper supply of materials and in order, t to avoid customers suffering at the time of demand. (Axsäter, 2015) There is a need to implement the companies’ inventory software to scale up saving money, and offer proper operations control that fulfills the customer’s needs.
Student 2: Proper control and management of the control systems lead to a more effortless organization, proper cash flow, and space. Low costs are maintained by the inventory, ensuring high profits smoothly. Therefore, the best practices for inventory control depend on the business’s unique needs through set procedures, keeping track of everything that moves out, and being proactive with the inventory software’s employment. The supplier relationships should also be improved, and the company’s products classified correctly, for example, the ABC method, which are powerful techniques for avoiding drawbacks.
Reference
Lewis, C. (2017). “Chapter 1: Demand forecasting and inventory control”. Demand Forecasting and Inventory Control. Routledge. p. 3–20.
Axsäter, S. (2015). “Chapter 2: Forecasting”. Inventory Control. Springer. p. 7–35.