Business owners are constantly striving to improve inventory management in their warehouses – but how can they do this? The answer is of course dependent on the company as well as specific problems, but in general, businesses trying to solve inventory problems will typically choose one of 3 approaches; hire additional staff, invest in a proper inventory management system or evaluate and change internal processes. Each option has its pros and cons, however eventually any growing business will reach a point where the only way to improve inventory management is to invest in a proper, robust inventory management system. To get the most out of such a system, consider investing in software with the following functionality:
Landed Cost Tracking
Landed cost is the total cost of an inventoried product, and takes into account expenses incurred to purchase, transport, and import goods from one place to another, within a country or across continents. This includes border fees, duties, taxes, transport costs, insurance, trans-loading and port handling fees among others. Proper landed cost tracking software will automatically account for and reconcile these costs in order to arrive at the true cost of the purchased item. This in turn will allow a business to protect margins and make better purchasing and pricing decisions.