Industry Blog

Inventory Management Can Make or Break Your Bottom Line

Steel service centers and manufacturers maintain a variety of inventory that is nearly impossible to manage by manual means. Calculating inventory forecasts with pen and paper is another time-consuming task, which can easily lead to stock-outs or needless overstocking. Don’t risk your bottom line to poor calculations; trust that you maintain the inventory your customers need, when they need it, with RealSTEEL.

Inventory management is not only challenging, it can have one of the largest impacts on profit margins and customer satisfaction. Most steel service centers, metal fabricators and suppliers maintain an array of inventory with a variety of dimensional, physical and chemical attributes.

A full warehouse is often good for business; however, maintaining the right volume of inventory is a moving target that can either pad or pull from thinning profit margins. Not only is your money on the line, so are customer relationships. Customers often require precise, uncompromising specifications. Scrap, aging inventory, and aging receivables can have as much of a financial impact as product returns.

Don’t risk profits or reputation by managing business operations with disparate systems or manual processes.

Protect Your Inventory and Reputation with RealSTEEL

RealSTEEL provides businesses within the steel and metals industry with a more efficient, accurate way to manage inventory.

  • Bar code labeling tracks inventory by item, lot numbers or other attributes for both raw materials and finished products.
  • Manage inventory on-site or in off-site warehouses or service centers. No matter where inventory is located, you can monitor available materials in real-time, including customer-owned materials.
  • Track the entire lifecycle of a product, including parent/child lineage.
  • Reduce waste and control scrap by tracking remnants and random length material.
  • Reliable yield calculations provide insight into the items you may have on-hand and materials promised to a customer so that you can use reliable inventory data to determine whether or not to order more materials and in what quantity.

Inventory management is too complicated and too important for businesses in the steel and metals industry to trust manual processes or specialty systems. Contact The Wolcott Group for more information about using RealSTEEL to control inventory and protect your bottom line.

By The Wolcott Group, providers of RealSTEEL, a ‘real world’ solution for the steel and metals industry.

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