Taking the reins of your inventory management processes will put you in a position of power, ensuring that you can get tangible evidence of whether your business is flourishing or floundering, and then take action accordingly.
Here are 3 additional options for decision makers looking to improve their inventory management strategies.
Take stock levels seriously
Your stock levels should dictate a lot of other decisions you make within your business. Knowing exactly how much you have of a particular item will mean that you can properly schedule orders, avoid overspending on a product that is already in surplus on your shelves and appreciate when new stock arrives.
Keeping an eye on stock levels will also let you monitor demand for particular products and readdress your efforts accordingly, ensuring that the biggest selling items are being pushed the hardest.
Conduct a stock audit
Even with all the digital technologies in the world at your disposal, it is always sensible to double check that your stock is properly audited. This usually occurs on an annual basis in most small businesses, and while labour intensive, it is worth the hassle.
Having stock stored and ordered efficiently will help at this point, speeding up the auditing process. When it comes to pallet racking Ireland and the UK have both embraced this technology to improve stock storage and streamline auditing. In fact, with pallet racking Ireland might actually be ahead of the game. Accurate stock records will also help when filing your accounts at the end of the year.
Embrace quality control
The quality of your inventory will ultimately be the calling card for your entire business. If products meet or exceed customer expectations, then your reputation will blossom. If they fall short, then you could find that your performance takes a nosedive going forwards.
To manage your inventory with quality control in mind, you may want to hire a member of staff to take responsibility for this. They will then be able to check stock as it is audited and deal with any issues, such as damage or degradation, so that you do not end up unwittingly selling products that are in a less than ideal condition.
Well maintained inventory will indicate that your organisation is professional, reliable and willing to take care of its offerings, which customers will appreciate.