Having an abundance of packaging supplies in inventory may sound like a smart business strategy—but the carrying costs for doing so are higher than you would guess, unnecessary and avoidable.
Today, more and more companies identify inventory management as a top priority, but they aren’t computing inventory carrying costs. Instead, they’re using rough estimates.
How to fight inventory overload
To better manage the packaging supplies your company keeps on hand—and eliminate risky guesswork—adopt one or more of these inventory overload-busting solutions. They can save you money and warehouse space and improve your buying and storing practices.
- Optimize packaging to free up space.
Excess materials take up valuable space on warehouse shelves and pallets and in delivery trucks. Re-evaluate how much packaging you keep by working with a corrugated packaging specialist. They can analyze your facility and recommend space-tightening storage approaches.
- Streamline inventory by eliminating unnecessary SKUs.
Do you still have packaging supplies on hand for products you no longer sell? Remove and recycle unneeded materials, and cancel any automatic deliveries to free up space, save money and address dated ordering processes.
- Switch to just-in-time material delivery.
Buying packaging before you need it is a space-waster. Overbuying wastes precious capital, as well. Two just-in-time options to consider: packaging equipment that produces right-sized boxes on demand, and a vendor who delivers material only when you need it—and can store the excess for you, including any customized packaging.
- Gain clearer visibility into inventory and purchase history.
Do you know the full scope of packaging you have and what you ordered over the past six months or past year? At Veritiv, we make it easy for customers to know the volume of packaging material they bought and have on hand, with real-time reports and analytics that keep overbuying at bay.
Work with a packaging pro
Managing packaging inventory overload doesn’t have to be complicated. Veritiv’s packaging professionals help you get the right solutions in place that work for your business.
Visit Veritiv or call (612) 712-7345 to learn how we can help you.