How to Efficiently Manage Inventory: Six Most Important Rules

How to Efficiently Manage Inventory: Six Most Important Rules

It is important to keep an accurate eye on inventory so that the number of items in store is always perfect. It not only helps you to manage better but it also allows you to be in control. Having inaccurate data can result in inventory management breakdowns.

It may sound a bit too traditional but knowing the numbers is a critical aspect of inventory management. Knowing the exact number of items lets you manage inventory efficiently and accurately. If you have no idea of the exact stock, you will be prone to make assumptions rather than informed decisions. That’s why it is always important to know the accurate number of items in order to manage damages, slow-moving products, and theft etc. When it comes to inventory, it’s always a numbers’ game.

 

  1. Keep an eye on the status of items

As an efficient store manager would tell you, keeping an account for stock for items in different locations or for the items that are in consignment is always important to control inventory effectively. As is obvious, knowing the status of items would help you take effective and cost-saving inventory decisions. So, make it a habit to keep the status of items updated.

 

  1. Organize the inventory

Now, when you want to know the status of stock, you could face problems if you don’t organize the stock. According to an analyst, retailers should always label and arrange shelves in a systematic manner so that the counts can be made accurately. If the stock is randomly managed, there will always be a chance of error in forecasts. That can turn out to be costly.

 

  1. Keep all tools handy

In the 21st century, you cannot be a victim of the technology crunch. Whether it is a handheld, or spreadsheets, keep all tools arranged for better inventory management. Technology can streamline your counts and let your retail store run smoothly, without having to stumble upon for insufficient or over-estimated stock.

 

  1. Stay updated regarding counts

Not having real-time updates about the exact physical count can turn out to be expensive. Always keep a note of variances and discrepancies while cross-checking the counts against the most recent accounting records. Having no idea of latest records can disrupt your inventory management goals.

 

  1. Never allow interference during counts

Do not allow too much conversation between workers in your store as inaccurate counts can lead to an imbalance in inventory management. If possible, disallow the use of cell-phones by workers in the store.

 

  1. Do NOT estimate

Never take a count depending on averages. Always, count every single item while opening the item boxes. Train your staff to be detailed and systematic to have an accurate count while stocking items. Estimation without detailed counts can lead to serious breakdowns in the overall inventory management process.

Endnote

It is important to keep the flow of inventory smooth if you want to establish a productive and systematic growth in profitability and increase sales efficiency. That requires a lot of dedication and skills in keeping the numbers updated in real-time; all the time your inventory is moving in and out. That’s what your exact business is.

 

 

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