Inventory, physical supplies sold, used or distributed, are one of the most valuable assets for your business. And to keep your business operations running smoothly, you need to track this critical component. Irrespective of the inventory tracking system you use, the accuracy of your inventory is crucial for the success of your business.
In this article, our experts at VGNC will discuss some tips that will help you maintain accurate inventory.
There are a wide number of inventory quality programs such as ISO, Six Sigma, quality management, etc. You need to choose the quality program for your business efficiently. After you have selected the quality program, you need to ensure that everyone in the company understands and supports the program.
Select The Right Inventory Monitoring Method
If you want to achieve accuracy in your inventory, you need to focus on selection and implementation of inventory tracking system. A systematic and faithful establishment of inventory tracking is what will help you achieve and maintain accuracy. There are two options for inventory monitoring – software or manual. Inventory software is connected to your accounting system which is easy to update when you sell or buy. Manual logs or excel workbooks have to be updated periodically. The right option for your business depends on your business needs.
Understand Your Challenges
Do you know what your current accuracy level is? If you have decided to improve the accuracy of inventory, you need to know your current standing. Once you find out where you stand, it is easier to set goals you want to achieve and adopt strategies for the same.
A thorough examination of your inventory and all the procedures related to it will help you to find all the hurdles in the path of effective inventory tracking.
When you are selecting inventory procedures, you need to ensure that they are simple. Your workers and employees who will implement the procedure should be able to understand them properly. Simple procedures are easy to establish, manage and measure. If you are introducing a complex inventory process, you must offer training to help your workers and employees.
Organise Your Inventory
A warehouse or store with unarranged inventory cannot maintain accurate inventory. If you are unaware of all the products, their types and class that is in your inventory, you are at the risk of over-ordering or facing shortage at the time of need.
By organising your inventory into groups and using right labels & tags, you will not only make identification and location of goods easier but also list and record them. Your employees and workers will be able to navigate through the store easily.
Physical Verification of Store and Warehouse
Physical verification of store and warehouse is an important process that helps to know whether your inventory records match the actual physical inventory in your store. The number of times you need to perform the physical counts depends on the value, complexities and risk of your inventory. Ideally, physical verification must be conducted twice a year.
Physical verification of stock in Delhi NCR has helped businesses to streamline their inventory management and control verticals. Verification service offered by an expert helps your business to achieve accuracy by identifying spoilage, theft, obsolescence or other such discrepancies. Once you know the discrepancies, you can take the right measures.
Train Your Employees
Training your employees and workers who closely deal with your inventory is crucial to attaining accuracy. They must understand all the inventory procedures for better implementation.
The above-mentioned tips will help you to optimise your inventory procedures and attain accuracy. Accurate inventory facilitates better management and control of inventory and thus, is crucial for the success of your business.
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