When you store your items in a warehouse, it’s important to keep track of everything that you have in order to make the best decisions for your business. Two ways to do this include inventory control and inventory management. While these strategies are similar, they have different focuses that help you maintain your current inventory while planning ahead. However, these processes can be challenging to manage on your own, and you may not have the space to store your inventory.
Fortunately, our experienced team at CRS Moving & Storage is here to help you store, manage, and control your inventory. We have years of experience providing complete warehousing services to all types of businesses, including helping businesses take stock of their inventory. We routinely review what you have stored in our climate-controlled, secure facilities and provide digital reports so that you can stay up-to-date on what you have in storage. This allows you to improve daily operations while knowing that your items are safe and protected.
Inventory Control vs. Inventory Management: What’s the Difference?
Managing your inventory may seem challenging, but having inventory control and management systems in place can make it easier. While both tactics help streamline the warehousing process, they have their key differences. The details of each strategy include the following:
Inventory Management
Inventory management involves keeping track of ordering, storing, and using inventory, which helps you identify items you need to reorder and when you should order them. This information enables you to manage demand and plan ahead so that you can be prepared without engaging in unnecessary spending. Some essential elements of inventory management include:
- Managing stock all the way from the ordering to selling stages
- Using past data to predict demand, adjust pricing, and identify places for growth
- Determining when to repurchase stock
- Assessing how long it takes an item to sell
With an effectively managed inventory, you can hold less stock, decrease costs, and increase order accuracy if you use warehousing to fulfill customer orders.
Inventory Control
Inventory control is part of the inventory management process, but instead of focusing on future demand, it helps manage current stock and track its condition. The daily activities involved in this strategy, like receiving, storing, and transferring stock, help manage what you have in storage. This is an important aspect of the inventory management process because it allows you to take control of your stock by defining its flow and determining what is going out to customers and when. Other key factors involved in the inventory control process include:
- Storing stock away and tracking its location
- Keeping track of stock’s expiration date and ensuring it stays in good condition
- Storing popular items near the packing area to streamline the fulfillment process
In this way, inventory control helps make the fulfillment process more efficient, satisfying your customers and increasing your revenue. It also allows you to track stock more accurately, reduce excess inventory, and eliminate added costs.
Learn More About Inventory Control and Management from the Knowledgeable Team at CRS Moving & Storage
When keeping inventory in a warehouse, it’s essential to understand the differences and benefits of inventory management and control. Inventory control involves the movement of items inside the warehouse and tracking their quantity and condition. In contrast, inventory management involves looking ahead and forecasting future demand. Our experienced team at CRS Moving & Storage works closely with you to determine how these tactics can benefit your business.
When storing your inventory in our state-of-the-art warehouses, our skilled team uses inventory control and management to make your business run smoother. We strive to help your company grow and succeed by handling every aspect of the storage process. This way, you can focus on running your business with the peace of mind that your inventory is in the right hands. To schedule a free consultation, call us at (718) 424-6000 or fill out our contact form.
