Any business dealing with inventory knows that inventory management is no easy feat. In fact, it can be extremely complex. Inventory management sits at the heart of all goods businesses and can be the difference between success and failure.
Unfortunately, it isn’t easy to conquer the art of inventory management or get to grips with all its complexities.
To help your business master inventory management- here are our top tips for managing the complexities of inventory.
Some businesses are sceptical about automation, but any business that does use automation will preach to its endless benefits. Automation can entirely transform how order and inventory management operates for your business. Are you finding orders are delayed or lost and you can’t trace the cause? Are you getting muddled in bundles of unorganised data? Often, a business’s pain points can be easily resolved through automation.
Automation can clean up your inventory processes by registering to-the-minute updates on your order processing and inventory. With efficient data gathering, it’s easier for your business to trace roadblocks in the supply chain and resolve problems. Picking and packing can be done faster, so you can deliver more orders in full and on time.
Say goodbye to spreadsheets
Many small businesses still rely on spreadsheets to gather and store data. The problem is this makes inventory management infinitely more complex than it could be. Whether it’s down to spreadsheet mix-ups or good-old-fashioned human error- spreadsheets are unreliable. Relying on them to keep inventory management running smoothly can prevent business from mastering their order management.
A seamless inventory management process is vital for any goods business, therefore transitioning from spreadsheet dependence to order management software can transform how your business operates. Get automatic data updates when orders and inventory are processed, track peak sales periods for more effective forecasting and pick and pack orders more quickly with improved cross-function communication.
Manage stock effectively
Ensuring your stock is present and correct is at the heart of well-run inventory management. Many companies scramble to organise their processes- but haven’t yet organised their stock rooms. Firstly, make sure your inventory is organised and accessible. A messy stock room will only make it harder for you to meet ambitious delivery times.
As discussed, relying on spreadsheets is a direct route to ineffective forecasting, so ensure you have a system to effectively track and reflect on sales data. Holding too much or too little safety stock can cause problems for a goods business. Getting your data in check can make it easier to prepare for peak periods with correct levels of safety stock. Tracking your data in an effective system, from which you can clearly view reliable sales data, will allow you to prepare for anything your inventory management might throw at you.
Managing inventory isn’t simple; but it can be made easier by mastering these steps. Simplify your inventory management with customisable order management software from Workhorse.