Inventory Management: When Relocating or Downsizing, Don’t Just Manage Your Inventory. Optimize it.

Inventory Management: When Relocating or Downsizing, Don’t Just Manage Your Inventory. Optimize it.

What Is Inventory Management?

A critical element of the supply chain, inventory management is the tracking of inventory from one location to another. Inventory can be assets, goods, equipment, documents, or FF & E that moves from manufacturers or businesses to warehouses for temporary or permanent storage, and then oftentimes, ultimately move to a new location. The goal of inventory management is to have the right products in the right place at the right time. While some see inventory management as a headache, GWS sees the process as an opportunity for clients to capitalize on storage and logistics expenses while delivering on their sustainability strategy.

Who Needs Inventory Management?

clipboard icon - inventory managementThe implications of the COVID-19 Pandemic continue to be seen as companies downsize their facilities’ footprints. Whether it is because more employees are working from home or companies are simply reducing their workspace square footage to be more efficient, a clear inventory management strategy can uncover opportunities for savings in capital purchasing.

By understanding asset depreciation, redeployment value, donation and recycling options, and storage ROI, companies can not only preserve dollars, but also make gains on corporate social responsibility initiatives.

While an inventory management strategy is particularly impactful given the current environment of corporate downsizing, it is also an important consideration when planning a corporate relocation. By knowing the true value of current assets, savvy companies can make smart decisions on purchasing FF & E while planning for future spaces that will maximize employee experience and minimize financial outlay.

inventory management

Four Essentials to the Inventory Management Process

When creating an inventory management strategy for relocations or downsizings, we recommend including the following essential elements:

  1. Goals and targets: What is your target ROI on stored assets? What percentage of inventory will you redeploy? These, and other questions, should form the basis of metrics that can be used to measure the success of your inventory management strategy.
  2. Sustainability strategy: Your company’s sustainability goals should play a key role in your overall inventory management strategy. Will you plan to recycle assets? Are you able to donate assets locally?
  3. A digital inventory catalogue: While the catalogue can be as robust as your needs demand, we recommend including, at minimum, categorized groupings, a short description of each asset (including condition), and photos. While building a digital catalogue can be time consuming, the result allows for easy visibility and fast searchability of assets. This builds efficiency for all team members in the long-term when putting together a list of assets for redeployment.
  4. A plan for redeployment: A successful strategy requires a partner who can effectively support the space planning, phased timelines, and logistical phases of inventory management while giving you visibility to each step of the process. This requires having the right people, technology, and assets to deliver an end-to-end solution.
GWS has proprietary inventory management software and custom technology to help your business profit in times of change. Our clients trust GWS for projects ranging from simple work orders to complex projects for corporate, healthcare, and multi-site locations. We know what it takes to exceed your expectations, and you know that GWS will deliver innovation, flexibility, cost savings, and – most importantly – satisfied clients.

Let us help manage your inventory

Let us help manage your inventory