Inventory is perhaps the most vital asset on the balance sheet of your business. This asset is also one of the few assets that constantly require your attention because if your inventory management is not right, you may have to deal with setbacks regarding perfect order fulfilment which can even affect your bottom line. Many other functions of your business like sourcing, manufacturing schedule, freight, warehousing and transportation capacities depend heavily on the inventory levels in a supply chain Hence you should learn to control your inventory as it moves through the entire supply chain. It can be done by hiring a good 3PL company in India.
A good third party logistics provider will offer visibility throughout the supply chain process that begins at pick up and ends at final delivery. This will enable you to plan ahead which will assist with lowering the costs and avoiding stock outs. It will further improve the sales and bottom line of your company. Many logistics managers agree that factors like fluctuating demand due to seasonality can be a challenge so a good third party logistics provider will also assist with dealing with such challenges.
The most vital thing a third party logistics provider partner can do is to make forecasting easy by creating flexible supply chains that can easily respond to the forecast fluctuations. This flexibility can be enabled in the following ways:
- 1) End-to-end support: The third party logistics provider will handle your freight from end to end, domestically and internationally. It will ensure that you get flawless visibility of your inventory, initiate vital inventory controls and make more informed decisions than ever before.
- 2) Updated Information: A 3PL company in India can also let you know about the accurate inventory present in the warehouse at any point in time. This is possible only if your logistics partner is ensuring that the WMS is updated at all times and is conducting regular cycle counts.
- 3) Flexibility: When you partner with the best third party logistics firm, you can expect flexibility to adjust to your organization’s seasonal needs. It will offer you additional storage and order processing capacity during the seasons when your sales fluctuate, when there is a need for inventory build-up for the upcoming sales season and when you want the sales promotions to be successful.
- 4) Much-Needed Alerts: When you select the right supply chain partner, it can be ensured that you get alerts whenever the inventory exceeds or business is lower than the set limits. These alerts will offer you better inventory control and you can easily inform the supply chain team informed about what needs to be ordered at what time. It also helps you to control the logistics costs.
- 5) Options like expedited or postponement: If you are facing a possible stock-out situation, you can depend on the best third party logistics firm to accelerate the movement of your freight through the supply chain as it will have add-on services like expedited air freight options, faster pickups, faster sea freight transit options, efficient warehouse processes and faster transportation of goods to the inventory consumption points. Similarly, you can also expect the partner to slow down these processes when you want the shipments to move slower.
It is quite clear that working with a strong partner who can help you get better control over inventory by using its capabilities in warehousing, distribution, international freight forwarding is an excellent decision. But you should also beware of companies that claim too much but have no access to the needed capabilities and trust only a reputed company like Synchronized Supply Systems Limited. We can use our vast resources to ensure that you don’t worry about any part of your SCM processes. We can also handle the logistics processes on your behalf and free you up to concentrate on other business functions.