For companies that rely on shipping goods to keep their businesses operating, being able to accurately track your stock is vital, as is being able to manage your inventory. Here we look at five ways you can do just that, allowing you to effectively track and sell your products while keeping costs low and increasing margins.
1. Detailed Inventory Records
Before you can streamline your inventory, you must understand what stock you have, where it is stored and whether you have too much or too little. Create a detailed record of your inventory, which can be done on something as simple as a spreadsheet, and record information on SKUs, lot numbers, and component parts if this applies.
2. Stock Levels
Data is key to being able to manage stock levels. You should know not just how much stock you have but also understand what customers might be likely to order and how often. Collect data that helps you understand how much product is in your warehouse, or forecast sales so you can keep just enough goods on hand to meet customer demand.
You will be better able to understand how much inventory you have – and how much you need – if your warehouse is organised using the 5S method: Sort, Set in Order, Shine, Standardise and Sustain.
4. Maximise Space
Rather than streamlining their inventory, a lot of businesses are tempted to increase their warehouse footprint. Don’t fall into this trap. Instead, look at how you can maximise the space you already have. This might mean reducing the amount of stock you have, keeping only what you need or looking at storage such as the industrial racking Ireland based www.rackzone.ie/pallet-racking/ offers.
Managing your inventory isn’t just about data analysis and smart storage solutions. It’s about people. Make sure that your warehouse team is in constant communication with other parts of your business and that the communication works. If your teams don’t speak to each other, all your hard work getting organised will amount to nothing. Put in place protocols that ensure good communication and encourage teamwork so everyone understands they are working together.
Combined, these five methods will help ensure that you can maintain your inventory at the right levels, fulfil customer orders efficiently and maintain a well-run, well-organised warehouse.