We’d like to share with you some of the factors that contribute to the cost of inventory services and how Monarch estimates the cost of a project.
There are many variables that determine how much it costs to do a thorough product inventory, but here we’ll cover a broad overview of the most relevant factors.
The Cost of Inventory Services: Typical Problems in Warehouse Inventory Management
Warehouses come to us with a wide array of problems and concerns regarding their inventories. Some of the most common difficulties include:
- Lack of Effective Software or Tracking Technology
If an operation is utilizing limited or outdated software, there can be issues with the processes used to track the inventory. These limitations prevent the ability to track inventory movements within the four walls, Two examples include the inability to store inventory in more than one location and the inability to flush inventory at the proper times during a manufacturing process.
- Transitioning to a New Warehouse Management System (WMS)
Sometimes an operation has identified that its system needs an upgrade. It is always a good idea to bring in clean, accurate inventory data into a new WMS. Sometimes there are hiccups after the fact that need to be remedied.
- A Sudden Event, Like an Acquisition or Consolidation
It’s common for well-organized businesses to find themselves in a temporary set of conditions that requires our assistance. A physical count prior to an acquisition will give prospective buyers confidence in the value of your inventory. Sometimes companies will consolidate two or more facilities into a new one. This comes with its own headaches and inventory challenges, but proactive planning can help mitigate risks.
- Staffing Problems
Many businesses are struggling with high employee turnover these days. This affects inventory storage and accountability because when your staffing is in flux, fewer employees know how to track inventory. Worse yet, many employees are altogether apathetic about it. We also see a small number of folks who know where everything is in the warehouse, while nobody else has any idea.
Why Warehouses Seek Our Services
Sometimes companies do not possess the time, expertise, or manpower to effectively review all of their inventory. It can be a challenge to pull resources for inventory counts when it requires everyone in the operation just to get orders out the door.
For our part, Monarch utilizes the best and most experienced inventory experts for these tasks. All of our specialists, even the basic counters have advanced experience in warehouse or manufacturing environments. They are skilled resources who can not only count and audit the inventory in front of them but identify areas of concern and make recommendations for improvement.
If your warehouse is experiencing one of the problems above, or a wide range of other issues, investing in an inventory count will have a huge return. When you look at how much more efficient your pickers will be when they go to a location and find what they are looking for rather than having to search. When you realize that orders are being shipped out accurately and customers are happier than ever. You’ll see the benefits of our inventory services.
How Monarch Structures the Cost of Inventory Services
When we do a free estimate with you, we typically consider these four components:
- The Scope of the Project
- The Project Duration
- The Level of Support from the site experts
- How the Information Will Be Presented to the Company
Basically, we want to get to know and understand the goals of the inventory, the scope, and complexity of the counts, the team and technology that will be required, and the level of support available from the site. We gather this information through phone calls/video chats, questionnaire forms, and email exchanges. Once we fully understand those key components, we can estimate the total time and team size required based on metrics from previous engagements. When we have those details, we’ll put together a project price that will be all-inclusive.
Monarch: Inventory Consulting for Warehouses, Stores, & More!
Every company we work with is different in some way, which is why we make our services adaptable and flexible. Some clients come to us seeking either monthly, quarterly or annually inventory checks. It’s all contingent upon their business needs.
At any rate, you can always count on Monarch to provide the best-qualified warehouse inventory experts to help when you hire us for a job. We have a multi-decade reputation for premium-level results.
Don’t take our word for it. You can read through testimonials and positive feedback from satisfied warehouse leaders and shop owners.
Call us soon and let us get started with a free estimate on the cost of inventory services at your warehouse business.