Award Inventory Management: Basics and Benefits
Optimizing logistics is key to successful recognition programs. Specifically, managing one’s award inventory is critical for fulfilling orders, supporting events, and more. The Cristaux International team wants the best for our clients, so we’re dedicated to creating solutions that simplify and expand one-of-a-kind programs. Offering powerful benefits, our inventory management solution gives clients peace of mind by taking the weight of logistics off their shoulders.
What is inventory management?
Inventory management is one of Cristaux’s proprietary solutions for recognition programs. Once a client signs an inventory management agreement, we can manufacture a larger production run for their program’s pieces. We make more pieces at once and store them to support their program for years to come.
Each agreement lasts two years and locks clients in at a fixed cost during that period. Their inventory is stored at Cristaux’s facilities, protected, and guaranteed. Also, any unused pieces can be used the following year. At the end of its term, an agreement can be renewed.
Who is the ideal client for inventory management?
Inventory management is ideal for recurring and long-term programs. For instance, an annual employee recognition program would benefit greatly from this solution. Also, there are some requirements and qualifications for those interested in this solution. Ideal candidates should meet the following criteria.
- The design used during the agreement cannot be changed while the agreement is active. Personalization can be changed. However, the fundamental concept must remain the same.
- The client and program must spend at least $10,000 each year with Cristaux International.
Inventory management billing timeline
Billing is important to discuss for recognition programs. Over the span of these two-year-long agreements, billing will follow the proceeding timeline. Please refer to the infographic for additional information.
- During the first month of the agreement, the client is charged 50% of the first year’s inventory.
- During the second half of the first year, the client is billed according to usage.
- During the first half of the second year, the client is charged 50% for that year’s inventory.
- During the last half of the second year, the client is billed according to usage.
Learn about Cristaux’s invoice reconciliation.
Benefits of inventory management
Managing inventory can be difficult without a trusted vendor. The following advantages to Cristaux’s inventory management solution prove its worth. With support and customization, vendors can help clients grow their programs.
Consistent manufacturing
To make enough inventory to last two years, we produce more pieces at once. One perk to this is that the pieces will be more consistent when made together. Between different production runs, variance can occur and cause small differences like changes in color. Finished pieces look more uniform and cohesive when made in a single batch.
Reliable and secure inventory
The Cristaux team will honor your inventory agreement and ensure your recognition pieces are ready for your program. This reliability makes for easy planning. When clients need new pieces, the Cristaux team will have them ready to go. Also, the pieces are safely protected to ensure programs are continuously supported.
Swift fulfillment and delivery
With a readily available inventory, our team can quickly fulfill and ship orders. Additionally, we can personalize awards and gifts in our facilities. With drop shipping, we can directly send pieces to recipients’ personal addresses. All these capabilities support our clients and expand their programs.
Stable and regulated pricing
Through inventory management, clients lock in at a price for the duration of their agreement. During those two years, the cost is not changed by unforeseen issues like inflation or shipping delays. Additionally, any unused pieces don’t count against the client and can be used the following year.
Additionally, clients can renew agreements every two years to accommodate for organizational changes. During that time, big things can happen like altering a brand image or expanding programs. These inventory agreements are designed to support evolving businesses.
No storage fees
Although we store client inventory in our facilities, we do not charge storage fees or expect our customers to house their awards themselves. We want to give our clients peace of mind by keeping close tabs on their pieces.
Access to microsites
Our inventory management solution works in tandem with our microsite management offerings. For clients with an inventory agreement, we can create an online site for recipients to order additional awards from the program. These solutions complement each other extremely well. Clients can have pieces ready to go, and we can swiftly fulfill orders on their behalf.
Award inventory optimized
With purposeful and tailored solutions, modern recognition programs can get the most out of their award inventory. Trustworthy partnerships and tools can push innovation and efficiency forward.
Read the following blog posts to learn more about our creation process and other solutions.