What is Inventory?
Inventory is the goods or materials that have been acquired from a variety of suppliers and may have gone through partial or complete conversion before being supplied to the end user. The items can be classified as raw materials, work in process products (WIP), semi-finished goods, finished goods and maintenance, repair and operational supplies (MRO).
How does inventory work?
– Resources that have monetary value;
– Resources that could one day be useful;
– Resources such as equipment, energy, capital, and human resources;
– Resources that can act as fast when a need arises;
– Materials that guarantee business continuance.
What is Inventory Management?
Inventory Management is the process of planning, organizing and controlling the quantity and quality of all necessary resources and their availability at the specific stage from purchase to sale to the final customer. This practice also allows them to identify and respond to the customer needs, avoiding goods glutes and shortages.
One of a company’s most significant assets is its inventory. The organization’s raw materials and finished goods are the foundation of its operations in many industries, including hi-tech, manufacturing and communication services. A lack of inventory in a certain place and at a certain time can be very harmful for further business activities.
Inventory Management in Unilog
At Unilog, we offer a wide range of services for flexible Supply Chain fulfillment and cutting-edge tools for inventory planning and management. We maintain real-time online inventories with transparency and provide your team with accurate data regarding all inventory transactions, whether it is managed in our network, other sites, your OEMs, or VMIs.
By using our inventory management services, our customers can easily manage their product fulfillment deadlines and ensure the availability of service parts in order to fulfill their service contracts or sales goals.
Unilog has created Logivice, our digital platform that serves as a real-time control tower for any of our customers’ inventory management needs. Our customized system supports our customers’ international business, enabling the successful operation and fulfillment of their supply chain goals. When Using Logivice, you can manage your whole fulfillment process and monitor your inventory, sales or RMA orders, defective item returns, and more seamlessly.
Logivice operations:
Visibility: Throughout the whole order process, from creation to POD, Logivice tracks shipments and sends alert notifications monitoring your shipments with an exception-based order management model.
Analytics: Using Logivice and our other high-end BI tools, we can provide real-time KPI’s and issue customized reports allowing our customers a clear view of their activity via data and our professional insights.
Execution: A new RMA/Sales order is opened and transmitted for warehouse operation after four simple semi-automatic procedures generated by Logivice. This allows our customers to grow the number of orders and item transactions rapidly without hesitation or any added implementation resources on their part.
Logivice advantages:
– Web-based solution and real-time data;
– Customer – oriented app;
– Innovations in warehousing procedures and equipment (e.g., custom labels, location recommendation, voice activity, tracker tags, automation and others).
Thus, the Unilog operations team with the assistance of the Logivice platform, support the customers with real-time information access to order statuses, inventory availability, and other supply chain procedures, available anywhere in the world and at any time. We can also track the availability of all necessary goods or materials in the warehouse and help plan future inventory intake and assist to generate a quick response to any change in demand.
Benefits of Unilog Inventory Management:
– Complete visibility of incoming or outgoing orders.
– Cost Control-Unilog contributes to the reduction of additional expenses. By analyzing stock trends, you may better utilize your inventory, revise expected stock levels and make accurate decisions regarding your inventory hold.
– Customer satisfaction and customer retention rates – Ensuring that clients receive the products they need promptly is one way to cultivate devoted clients, with our systems we can react quickly to disruptions and plan ahead, avoiding customer quality events as much as possible.
Nowadays, we proceed with the further development of Unilog Inventory Management operations and in the near future we would like to introduce more innovative ideas for inventory optimization, raising the processes’ effectiveness and efficiency, eliminating error-prone weak links and constantly monitoring the variations in customer needs and market trends.
Global Inventory Planning and Management – efficient models developed by our business intelligence team can help your organization to optimize your inventory levels and availability globally.
Vendor scheduling and PO matching – we provide your organization a complete audit trail, with full visibility of your goods flow from the OEM to your inventory, available for sales order. Matching internal or external purchase orders, allowing you a complete real time overview of your supply , enabling you fact based decision making and control.
Distribution transport management – we are interconnected with over 100 different carriers globally, allowing best in class solution in every territory both service and cost wise, ensuring real-time traceability on the final mile delivery
Global trade compliance – our in house team of global trade compliance together with a global network of in country customs consultants ensure your activity is compliant throughout your supply chain, we provide global coverage of IOR/EOR services for both sales and RMA needs including licensing where needed, ensuring undisrupted regulatory compliant supply’s flow.
Value added services – a one stop shop for your inventory needs, our DC’s provide a verity of value add services saving you time, cost and mileage:
VMI – Unilog can help you gain control over your inventory and increase the availability of your own products. Lower cost of capital due to a more efficient inventory management process, Reduce overall complexity and risk in relation to the sourcing and storage process, Lower administration cost by reducing to minimum backorders and returns.
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We design visible, feasible and achievable solutions and manage them for you. Unilog defines the SOW, identifying unique customer needs in the replenishment process. Inbounding 100,000 serials or a testing a server requires a different approach. Dealing with a defective unit inbound or field return is not the same as a PO inbound or a WH transfer inbound. Outbound of a service order is different than an FMCG with expiration date outbound. Shipping & tracking of small parcel or full tracks can lead to different flows and process.
Our SOW process focuses on the business challenge and its unique needs. Once we’ve gained an in-depth understanding of the challenges & needs, we design a unique solution to best support them.
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