Wonderful news! In February, manufacturing in the United States reached its highest level since May 2004, according to the Institute for Supply Management. You can read more about it in the CNN article “Manufacturing at nearly 7-year peak.”
Manufacturing has increased for the past 19 months. Companies have been stockpiling inventory to meet growing demand. However, consumer demand hasn’t been particularly steady, so manufacturers could have to cut back at any moment. Also, unemployment is still high, so that could have a negative effect on the recovery.
To stay on top of changes in manufacturing needs, you should use manufacturing inventory software. By making fast and smart decisions about your inventory, you can ensure you’re not stuck with a large amount of parts and products that can’t be sold when demand suddenly decreases. You can also be prepared for sudden upswings in demand.
The only way to keep the right inventory balance is to constantly stay up to date on your inventory needs and modify them as necessary. Easier said than done, for sure. That’s why you should put this job in the hands of manufacturing inventory software. It can track inventory the moment it enters or leaves your warehouses, and it can generate reports that present complex data in an understandable way.
Hopefully the manufacturing boom is here to stay. Even if it isn’t, though, you can help your company thrive through economic booms and busts by making smart inventory management decisions. Get an inventory software demo to see how it can help you do that.