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Time Inventory Management is an inventory control system in which the products are manufactured or purchased and stocked in the warehouse only when there is actual customer demand. During certain seasons, the demand for products is less and sometimes zero. In such cases, why should one pay for storage at a warehouse without having any sales?
Here is where Time Inventory Management comes into the picture.
But how will it reduce your expenses? Is this strategy beneficial for you? Let’s find out!

Benefits of using Time Inventory Management:

1) Minimizes Warehouse Costs
Every entrepreneur wants to focus on saving money along with providing a good quality product and seamless customer experience. Storing excessive inventory won’t only cost you more, but also managing the warehouse will surely become a headache. To avoid this, project a rough number of products as per customer demand and keep them in your warehouse. This way, you will not need a big warehouse, thereby, minimizing the warehouse cost.

2) Ability to Manage Supply Chains Effectively
With Just-in-Time inventory management, you can easily manage supply chains and use those parts to assemble products. If you have an efficient supply chain, it will lower down your manufacturing costs as well. Low manufacturing cost automatically affects product costs. This way, you can enjoy a large market share and profits.

3) Enables Seamless Customer Service
Just-in-Time inventory management will help you serve your customers faster and more efficiently. Since you are in control of the manufacturing process, you can easily respond to changes demanded by the customer. For example, if you own a jewelry store and use time inventory management, you always have the time to attend customer queries or customization demands and make the changes accordingly.

4) Reduces Unnecessary Wastage
Stocking excessive inventory may result in a huge number of unsold items, which go into waste. This wastage is quite common in industries like apparel, electronics, fashion accessories, etc., where the trends constantly change. With JIT inventory management, you not only reduce wastage but also can save the cost of purchase or manufacturing.

5) Diminishes Production Mistakes
Since you will have fewer inventories, it will be easy for you to point out any mistake in the production and rectify it. It is easier to correct such defects from your end with the customer pointing them out. This way, you can offer a better customer experience and your brand will surely become one of the reputed and sought after companies.