Let’s imagine how things may go on with your warehouse without a stock taking system. It certainly will become messy quickly. Nowsadays, modern business are moving towards a smart inventory system, where stock is tracked with updated technology and cloud-based information in real-time.
However, no matter how smart your technologies can be, you still need some physical test in order to consolidate information and ensure that your inventory is in the best status. Here are 5 wasy that can enable you keep track on everything well.
1. Periodic reviews of the whole process
In a long terms, a lot of inefficiencies that go unnoticed can happen, especially when the focus in on growing the business because reviewing process does not seems much urgent. Actually, periodic revision should go along with growing your business. To some extend, what make sense for a warehouse with 1000 items may not fit the one with 10,000. That needs you spend more time on checking the process. Once you take time to do this tasks regularly, you can avoid added-up problem after a long period that can make huge consequences.
2. Smart warehouse setup
In addition to making sure that the warehouse is set up in a coherent and logical way, you should consider arranging your warehouse so that most frequently sold items are easiest to access. Not only this step can save time but also it enables the staff to work more effectively. When your inventory is establish in a smart way, management tasks will become more easier.
3. Good stocktaking techniques
The 80/20 rule which is famous and used in a variety of industries can applicable to inventory management. The estimation is that 80% of the revenue will come from 20% of the items in your inventory.
For example, we have 3 categories: A, B, C from most popular to least popular. According to the rule, items in Group A should represent around 12% of total inventory and 75% of sales; items in Group B will represent 25% of inventory, and Group C the remaining 63% and so on. It can be a guideline for segment your stocktaking.
4. Why don't you try on an inventory management platform?
A smart inventory management solution can affect more than you may think. The more seamless the process of stocktaking is, the more time you can get back for dedicating to other essential tasks without stress of product management. Save time, save resource and be easiest way to optimize your inventory.
If you get ready to do this, check out Magento Inventory Management immediately. Totally free and easy to use even since the first time.