Good inventory management is important for your business. If you don’t manage your inventory well, you can quickly find that you have big problems. You can end up with too much of a product that isn’t selling well or too little of a product that’s in high demand. You might also find that your stock is disorganized and your pickers can’t even find what they’re looking for. Getting control over your inventory will help you to keep everything organized, ensure things move quickly, and keep your customers happy. It will also mean that you don’t waste money on inventory you don’t need.
Upgrade Your Inventory Software
Inventory management software is vital for any warehouse to run smoothly. It keeps everything organized and ensures you have all of your essential information in one place. Even if you’re already using an inventory management system, you might want to look at upgrading to improve its function. Your inventory management software can help you to produce reports and keep track of everything so that you know exactly what you have and what you need to order at all times. There are many different options available, so compare a few possibilities to find the right one for you.
Use a Better Labelling System
Labelling your stock properly is a must if you want your employees to be able to find what they’re looking for. No matter how you store your inventory, correct labelling makes it easier to find everything, wherever it might be. You can even use cloth tags if you need something particularly robust or something that you can use repeatedly. Labels that can be scanned make it easy to identify and keep track of any items that are picked too. Good labelling can make a huge amount of difference in how your inventory is managed.
Work Out Minimum Stock Levels
It’s hard to work out the minimum levels of stock you should hold. If you have no stock left, you could be waiting weeks or longer to get it back in stock. But if you have too much stock, it could take too long to move it, meaning it’s taking up valuable space and tying up money too. By studying how quickly your stock sells, you can work out the best minimum stock levels for different items. There isn’t always a perfect number, but you can work out some rough figures that should trigger a new order.
Get Rid of Slow-Moving Inventory
It can be a pain when something doesn’t sell as well as you thought it would. Not only are you not making money, but the stock is taking up valuable space. Instead of just letting it sit there, you’re going to need to think of some ways to get rid of it. This could mean reducing its price to increase interest or perhaps selling it in bulk to another business. By clearing this stock, you can remove the dead weight from your inventory.
Don’t let your inventory remain disorganized. Take control and get it on the right track.