Industry Blog

Strategize Procurement and Control Inventory Costs

realsteel-metals-erpMetal distributors and fabricators who manage high-volume or unique inventory know it can quickly become expensive, putting the pressure on cash flow. In order to meet customer specifications and profit margins, you must be sure you are getting the best prices and that these items will eventually sell. Gain greater insight into inventory movement, strategize procurement activities and control inventory costs by deploying a strong management solution.

What you don’t know about inventory management will hurt the bottom line, especially for businesses in the steel and metals industry. Forecasting and purchasing decisions are critically important for improving profit margins. You need to be confident the inventory you’ve purchased will sell and that you have the right inventory to meet customer specifications. This is no easy task, especially for businesses relying on physical inventory counts or other manual means to track inventory and forecast procurement needs. Turn inventory into a strategic advantage with the support of a business management solution designed for this unique industry sector.

Manage Inventory, Vendor Relationships with RealSTEEL

RealSTEEL is an integrated business management solution that supports all the moving parts of your business, including vendor and inventory management. At the very start, you can monitor information about on-hand inventory, including dimensions and chemical properties. Knowing what you have on hand in each warehouse or distribution center is important for managing appropriate inventory levels. You can also monitor inventory movement as it’s used on the floor, returned to storage or discarded as damaged or waste.
Strengthening vendor relationships is another advantage that can reduce wasteful spending. With RealSTEEL, you can send quotes to multiple vendors and easily access key information like price schedules, discounts and shipping arrangements. Purchase line discounting features support better decision making, enabling you to take advantage of price discounts based on quantity, units of measure, item variant or time periods when it’s time to replenish inventory.

Make sure you are getting the best prices for the inventory needed to satisfy customers. Replace manual process or inadequate software with a management solution that can support the complicated inventory and purchasing decisions faced by businesses in the steel and metals industry. Contact The Wolcott Group for more information about using RealSTEEL to gain insight and control over inventory management, strategize procurement decisions and protect profit.

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

Related Posts