Whether you have over-ordered, stopped production for some unforeseen reason, or have extra materials on hand that you will likely never use, storing excess inventory takes up valuable warehouse space. That inventory has value, so it is understandable to want to hold on to it or resist disposing of it. Even if you want to throw it away, environmental concerns and green initiatives may stand between your overcrowded warehouse and the landfill. So, what can you do about excess inventory?
Elite Procurement & Logistics Solutions offers several excess inventory management solutions that can free up warehouse space and help you recoup some of your costs.
Consignment -When you put your excess inventory on consignment, we take possession of it and attempt to sell it on the open market. The inventory immediately leaves the warehouse, freeing up space. When the product sells, your company gets paid. This is a win-win solution that clears your warehouse and improves cashflow.
Lot Purchases - Another popular way to manage excess inventory is through lot purchases. If you have an entire lot of materials, components and hardware we can purchase the lot outright. This is a great way to liquidate your excess inventory, regain warehouse space, and generate revenue on dormant inventory.
Warehousing and Residual Inventory Programs -— Elite Procurement & Logistics Solutions offers warehousing and residual inventory programs to ensure a steady supply of parts, at the right time and in the right amounts. We work with you to determine the best order points based on anticipated demand and lead time as well as safety stock to protect against running out. Our residual inventory program seeks to minimize excess inventory, underperforming product, and “left on the shelf” inventory. Minimizing residual inventory reduces costs and overruns and frees warehouse space.