Strengthening relationships with suppliers and vendors can improve the profitability of your business, as well as impress your customers. Knowing where to buy the raw materials or products needed for your customers is an important first step in strengthening the supply chain. When you have a customer order, you need to be able to determine what inventory you have on hand, and what you need, how much to order, and when to make sure it’s delivered.
Organizing both inventory and supplier data in one place will make it easier, and quicker, to make these quick decisions that will not only keep your customers happy, but keep your cash flow in check. Profit margins can depend on how you make your purchases from suppliers and how quickly you need them delivered. You don’t need to buy inventory if you already have it in the warehouse. With
Paying your suppliers on time is also important. Delaying payments or paying late can cause problems with your suppliers and they may choose not to do business with you until you can reconcile payments or they may stop doing business with you altogether. Housing your data in one place can
Strengthening supplier relationships, optimizing inventory purchases, scheduling deliveries, and paying vendors on time can all have an impact on your bottom line. Contact NAV-X for more information about the technology that will make it easier to partner with your suppliers and how you can trade in a way that saves time and money, and improves customer satisfaction:
By Sheldon Kralstein of NAV-X, LLC,