Inventory management has come a long way since its early beginning, which many experts say dates back thousands of years. If you go back in history, there are archeological findings that suggest early-day writing was born from inventory management…when tally marks on bone pieces and cave walls kept track of food items, weapons, and other supplies that were necessary for survival.
The industrial revolution brought about new ways to keep track of materials and business data, and of course the computer age took inventory management to a whole other level. Today, innovations like barcode scanning and RFID (Radio Frequency Identification Technology) are being used by suppliers around the globe to effectively handle their own inventory or the inventory of customers.
What is Inventory Stocking?
If a business sells or supplies any type of product, chances are they have inventory to store and manage. Flexible packaging suppliers like PennPac definitely fall into this category, which is why we offer an Inventory Stocking Program as part of our available services.
Inventory can be described in different ways, but the most common definition is that it’s a company’s goods and products that will ultimately get sold. A few examples include raw materials (like the ingredients for a food products), parts or components (like a screw that goes into a computer), and in-stock finished goods.
So if inventory is all of the “stuff” that is taking up physical space in a warehouse or other facility, then what is inventory stocking? It’s the systems and practices used to show the ordering, storing, and usage of your inventory.
Common Inventory Stocking Challenges
Almost every industry is under constant pressure to lower their inventory investment while maintaining an optimized management system that can provide high levels of flexibility, efficiency, and accuracy. But inventory management can be a daunting task with many challenges:
- Inconsistent tracking from procedures that are often done manually and lead to lower productivity, redundancy, and inventory errors
- New regulations that demand more accurate inventory traceability
- Demand for more cost-effective labor management
- Increasingly complex supply chains
- Low-tech internal systems that make it hard to manage inventory counts, lead times, and shipping schedules
- Increased sales volume that leads to expanding inventory needs
- Expanding product offering that can make it challenging to efficiently manage inventory
- Insufficient warehousing space
- Overstocking which can cause issues such as spoilage, loss, or theft
The Benefits of Packaging Film Warehousing with PennPac
If your business requires a steady inventory of flexible packaging films and you’re currently experiencing one or many of the challenges mentioned above, PennPac’s Inventory Stocking Program could be a great alternative to consider.
Packaging film stocking is available at both of our facilities in Manheim, PA and Piedmont, SC. You can have your own inventory of films stocked with us and will always have access to PennPac’s inventory of films, should any unplanned needs arise.
As part of our inventory program, customers receive competitive terms and next-day order releases which are scheduled on our 10 slitters/rewinders and 2 sheeters.
Learn More About Plastic Film Warehousing with PennPac
Contact our team today with any questions you have about our efficient, cost-saving inventory management program. You can reach us at 717-664-4040 or connect with us online.
Or request a quote and one of our team members will be in touch.