5 Tips For Improving Your Company's Inventory Tracking
/A streamlined, efficient inventory tracking system can help your business save money, freeing up capital for expansions and other investments. It can also help you use physical storage space more efficiently, make your supply chain more streamlined, and identify and act on consumer trends as soon as possible. Here are some tips to help you improve your company’s inventory tracking and management systems.
1. Tag & Track Your Inventory
It may be tempting to skip a little work and simply count your inventory and list the numbers; however, you should give each item an SKU (stock keeping unit) number or a similar designation. These can make it easier for your workers and customers to find what they’re looking for. They can also help you find misplaced items. An SKU is an item designation number that staff members can print on a label and affix to an item. It’s often accompanied by a bar code for easy scanning and recording.
When you key in an SKU, your company’s inventory tracking system will tell you where in your warehouse the item is and how many you have in stock. If you have the right software, you can even see when another shipment is expected.
2. Use A Solid Inventory Program
A multitude of inventory programs exist. Fishbowl, Oracle, Infor, BlueYonder, Tecsys and Softeon are all good options, and there are many more. Make sure you don’t spend a lot on the wrong program by doing some research before you decide which one is best. Some programs are optimized for a single warehouse, and others are ideal for multiple warehouses in one or more locations. However, the second type of program tends to be more expensive.
3. Use A Reliable Supply Chain
A healthy supply chain is essential for a profitable company. Most businesses sell around 20 percent of their items, while the remaining 80 percent get scooped up over time by people looking for less widely available products. Experts call this split and its related traits the Pareto principle. It’s a good idea to buy small parts like o-rings in bulk and keep a variety of sizes on hand. That way, you won’t have to wait for suppliers to manufacture and ship important parts when you need them for an auto shop, a medical device warehouse or another business, and your customers will be able to get the products they need quickly.
4. Consider An Automated Inventory System
These systems use wireless transceivers to keep track of inventory, letting people avoid scanning bar codes or recording SKU numbers. Automated inventory systems can work in real-time and even place orders automatically when inventory levels reach a certain point.
5. Carry Related Products
Your business may specialize in just a few products, but you can make the company more profitable if you also sell related items. For example, if you make or sell automotive, pharmaceutical or medical devices that require fine-tuning and regular maintenance, you can carry the tools and parts needed, such as o-rings. That way, customers know they're buying the correct replacement part, and they don't have to scour the internet trying to find it.
With these simple tips, you can help your business run smoothly and increase your profits. You can also prevent disruptions in your supply chain.
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