SMEs looking to beat competition with inventory management
In the current business scenario where competition has intensified in line with multiplying opportunities, there is a need for SMEs to pay optimum attention to all aspects of management to stay ahead in the rat race. Among the diverse concepts, inventory management assumes great importance for small businesses as effective storage, stock balance and goods management are vital for these units to ensure timely delivery of products and avoid prestigious deals from getting cancelled.
Why is it necessary?
In a world characterised by fierce competition, it becomes imperative for SMEs to manage their inventory effectively and take stock of their position before taking orders. Flawed inventory management can lead to several problems such as disruption in the flow of operations, delay in delivering consignments, increased cost and consumer dissatisfaction.
"Delay in supply of goods by SMEs to clients often leads to a broken deal, thereby causing huge loss of business for small companies and tarnishes their reputation in the market. It is herein, that the concept of effective inventory management assumes paramount significance for SMEs in order to avoid delay in delivery and eliminate problems that come in the way of operation and production activity of an organisation," said Mukesh Jajoo, proprietor of India Plastic Products, a small-sized plastic product manufacturer and supplier in Kolkata.
Realising the multiple benefits of following robust inventory management processes, an increasing number of SMEs in India are adopting management practices that help them to manage their assets and deliver effectively.
"Inventory management processes enable an organisation to enhance its operational efficiency, improve customer service and helps in reducing inventory costs," said Anuj Sharma, director of Poonam Transport Services, a Kolkata-based small-sized logistics services provider.
At present, small companies can also choose from a series of technological tools, which are specially designed to help them effectively manage their stock of goods. Stock balance management and staff records management are also crucial to help businesses maintain adequate cash flow.
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Questions and Answers
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