How To Manage Your Excess Inventory Wisely

Handling your inventory of electronic components and products efficiently is one of the top priorities for a manufacturer. However, it can be a daunting task, especially if you are not experienced in dealing with such matters. Some manufacturers continue hire in-house professionals who specialize in managing excess inventory, while an increasing number of manufacturers are entrusting this crucial task to third party electronic component distributors.

Hiring a third party is typically a more efficient way of managing excess inventory for several reasons, including affordability. While in-house workers require salary and the cost of benefits which come with employment, third party companies are considered independent contractors and are typically more affordable. If you are looking for an electronic component distributor, also consider the quality of their work as well as their experience. The more experience the company has in helping manufacturers handle their inventory needs, the better.

Prior to hiring a company to manage your excess inventory, it is important to understand the goals of the service. The overall purpose is to increase the efficiency of your production by primarily bringing order to the organization of your inventory. This can help locate parts and products that may be able to be sold. The distributor is able to then sell these parts on consignment basis, which is the preferred way of selling electronic components and products considering the fluctuating market.

Inventory consignment allows you to put your parts or products on the market while still retaining ownership of them up to the point of sale. The distributor uses their network and marketing efforts to sell your parts and typically gets paid a percentage of the sale price. Furthermore, the distributor can share invaluable knowledge with your regarding market trends and which parts you should sell, keep or buy more of. This will allow you to better manage your inventory in the long run while maximizing your profit. The right distributor will help you increase the overall efficiency.

Harry Krantz Company is an exemplary distributor with over 70 years of experience in excess inventory consignment as well as supplying components to various industries including the military and aerospace markets. Their knowledge and reputation grants them access to a large network of buyers to help turn manufacturers’ surplus inventory into profit.

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