It is important to have 100% visibility in your consign stock to keep an eye on which products are running low on stock. Inventory software made in the Philippines allows you to track the inventory of each consignment channel and take a proactive approach to replenishment in order to avoid losing a sale.
Invest automatic replenishment tool
A successful consignment inventory service must maintain a well-stocked inventory to ensure that the customer always has something to use or sell. Automatic replenishment tools allow the distributor to set minimum and maximum levels, allowing them to reorder exactly what their customers require when they require it. When you use automated tracking tools, such as SystemSIA, you can eliminate the guesswork from replenishment.
Fast inventory turns
Consigned inventory is a good value for the distributor when a customer turns inventory quickly. Seek a product mix with a high value and a high turn. For it to be a valuable partnership, the company must be present.
Target the right product mix for consignment inventory in your business
A customer can ask for everything to be sold on consignment. Consider which items are suitable for consignment. 40 of the 100 items may be one-time purchases, while the remaining 60 may be products used on a regular basis. In that case, you could limit consignment to the 60 items and keep an eye on replenishment. SystemSIA can assist you in this area.
Choose the right technology for your consigned inventory
You must select the right technology to support your consignment inventory program. The advantage of using SystemSIA for consignment is that the min/max tuning capability optimizes inventory and ensures the customer has only what is required to serve their end customers. The guesswork is eliminated by automating this process. There is no need for clipboards or Excel with the right software. The min/max tuning dashboard allows distributors to determine actual usage as well as the minimum and maximum amount the customer must stock. This reduces the amount of inventory that a distributor must stock at the customer site, which saves the distributor money and annual carrying costs. The distributor will be able to offer consignment to more customers as a result of the savings.