A business’s life force is their ability to get products to their customers on time, all the time. An essential part of this equation is effective inventory management. We’ve assembled the top tips on how to manage your inventory like a pro.
Inconsistent Inventory Tracking
Gone are the days of paper, filing, and hard-copy invoices. Invest in a centralised inventory tracking software with automated features to improve data capture, analytics, and inventory tracking as well as reordering. This will help you avoid over and under stocking. Audit your stock frequently. Have safety stock to prevent understocking anything. Consider a cloud-based inventory management platform so you can track inventory anytime, from anywhere.
Ineffective Communication
Information flow within the business needs to be smooth, consistent, and transparent in order to identify inventory trends and find ways to improve. Track and report warehouse and employee performance throughout the business and with your suppliers. Run a transparent house within the business and with customers and make communication a key element of the way you operate.
Lack Of Performance Parameters
Stock turnover, problem stock, and other performance indicators should be monitored. Inventory forecasting software can be used to predict customer demand. Problems, trends, and strong points must be observed and considered to improve effectiveness.
Poor Warehouse Processes
Receiving, picking, packing, and shipping of stock needs to flow seamlessly for your business to run efficiently. Plan and organise your warehouses and classify your inventory carefully. Perishable and fragile stock have specific care and storage requirements while high value stock requires loss-prevention strategies. Make sure there are clear definitions between these.
Lack Of Expertise And Inconsistent Work
Ensure you have a team of employees you can trust to run their operations to a sufficient standard. Hire warehouse managers that are familiar with what it takes to manage the warehouse effectively. Measure your suppliers’ performance and ensure they run a ship as tight as your own. Outsource to an inventory management specialist, if need be, train your employees, and provide online support in regard to best practices.
There is a myriad of problems that a business can face in terms of inventory management. One of the most beneficial ways to manage your excess inventory is to let Industrial Clearance stock and sell it for you. We have a host of interested and engaged buyers waiting for your stock to hit our “shelves”. Contact Industrial Clearance today to find out how our inventory management solutions work.
