Inventory Management is a very important aspect in maintaining a well-functioning and balanced business supply chain. Like any other aspect of your business, there are things that could go wrong, especially when we’re talking about a warehouse full of supplies. Your operations can get affected by records of inaccurate quantities, poor production identification, usage of multiple databases, and human error. Operations can get stalled, processes halted, thus, affecting your business in a very bad way.
These are just some of the reasons why it is a must for any entrepreneur to exert all efforts necessary to run inventory management the best way possible. Having a reliable inventory management software would be of great help to any businessman who wants to gain a competitive edge.
Check out our list of ways to improve your company’s inventory management process.
Try Cloud-based Tracking
Information in cloud-based tracking can give you a grasp of your current inventory capacity. This will help you gauge if your business can handle specific projects. The data can help you decide if you can provide a service without going beyond your budget to avoid unnecessary expenses.
Rethink the organization of your warehouse
Just because your warehouse is neat, doesn’t mean your supplies are placed in the most strategic places. Make sure your entire inventory maximizes proper placing. High-volume items should be placed near the shipping area, making sure they are accessible, eliminating unnecessary labor time.
Do detailed labeling
By using labels, you make it easy for your staff to find whichever items they need by pointing them to the right section. Detailed labeling isn’t just about names. You can mark items with other information indicating expiration date and packaging requirements. You also get to identify hazardous material by labeling them.
Have regular cycle counts
Apart from doing the usual annual physical inventory, you should do regular inventory audits. Through checking, you’ll be able to find discrepancies, giving you time to make important adjustments.
Radio Frequency Identification or RFID technology lets businesses track and identify their products through a small tag containing information about the item being tracked. RFID uses radio waves to establish communication between the reading device and the tag on the product. To maximize the use of RFID technology, you need industrial-grade printers that can print large volumes of RFID labels fast.
Use Barcode Systems and Scanners
If you want to reduce errors in tracking and inventory management, barcode systems and scanners will greatly help. A barcode system helps eliminate errors on the front-end of the supply chain. By cycling more orders faster, it aids in the operational capacity. Barcodes also make it easy to track stolen items, helping you eliminate shrinkage.
Monitor and limit warehouse access
One of the safest measures to protect your inventory from theft is to limit security access to your warehouse. It’s a no-brainer that only those who actually to go through your supplies should be granted the right of entry.
Maximize mobile technology
Having mobile technology equipment makes sure your warehouse is consistently moving through every stage of the supply chain because operations are no longer affected by the need for manual navigation. Mobile technology can be anything from small scanners that can identify products; to mobile printers and phones that have a wireless connection to whatever cloud-based inventory tracking software you’re using to get updates in real time.
Be strict with Quality Control
Prevention is definitely better than cure. Quality Control helps make sure that your clients are given products that were verified and standardized. Check the item against its SKU and quantity, while also making sure that there are no damages.
John Lee is a freelance writer and business enthusiast who loves reading and writing about business
trends. He currently works for Quickbooks Online, a business solution software company in the