Are you a small business owner or are you an eCommerce-pro? For either situation, enhancing inventory management can assist you in recognizing scopes for freeing restricted capital. Moving beyond capital allocation, accurate inventory management and tracking can help you use physical storage space and transportation resources more effectively. You can recognize the trends in customer demands as well as other popular products to cater to stocking requirements.
Mike Giannulis shares tips on enhancing inventory management
Business owners have to learn about correct inventory management and tracking. Mike Giannulis shares some of the most useful and helpful guidelines for inventory management.
- Think of outsourcing inventory management from a third-party
Most businesses place a ready-made inventory management solution in place, as they hate to keep reinventing the wheel. Massive inventory management systems that allow business owners to front-load their data entry allows greater precision and a quicker workflow. But before you get hold of one, here’s what you should do:
- Double-check the integrations.
- Understand that not every inventory management system works in every e-commerce platform.
- It would be best to work towards automation in the long-run and to continue validating the data’s precision.
- You need to know the entire data funnel.
If business owners don’t pay close attention, they might increase the number of sheets they can’t identify.
- Conduct daily cycle counts frequently
As you are automating the inventory, it is essential to carry out physical inventory counts more than once a year. Daily cycle counts enable you to detect minute discrepancies at the earliest possible moment. This isn’t as challenging as you may imagine. The majority of the cycle checks should be on bestsellers along with seasonal products.
- Minimize unauthorized traffic in the storage facility
When a business is just starting, the owner usually issues the task of hiring to the members of the leadership teams. Perhaps after employees are found, you may assess those in the warehouse yourself. Uniform shirts and access cards can show that those managing the inventory have been both trained and examined. Here, it is essential to maintain discipline and order so that there is correct inventory management.
- Motivate your team towards automation
The more time your team can cut doing busy work, the more the company can improve. Inventory management and tracking will take a massive investment, but can result in greater fulfilment precision, higher profits, less shipping errors and returns, and a higher customer satisfaction.
- Label each item and space
You need to label each inventory item and storage space. Although there may be issues at first, there are many benefits to labelling. Top-selling items can be placed closer to the loading dock to will reduce warehouse traffic. It is also possible to store greater quantities of a specific product and put it on smaller shelves. The faster you can get this done, the better.
Once you implement the steps mentioned above, you will have a precise inventory management system.