Are you handling your inventory efficiently? Most companies have a lot of areas to improve on. By following inventory management best practices, you can achieve an accurate and effective inventory year after year. Here’s how.
Create Inventory KPIs
Inventory KPIs measure your performance in a specific area over a defined interval of time. They add deductive reasoning to your goals so that you can better meet them.
KPIs to focus on:
- Inventory storage costs
- Inventory write-offs
- Rate of inventory turnover
Conducting inventory management by hand can be a time-consuming task. Making use of inventory software is a smarter inventory management method. It can also profoundly increase efficiency and productivity.
With inventory software, you can:
- Track and trace stock levels
- Quickly look up product details
- Make edits that automatically sync across systems and devices
Maintaining accurate counts of inventory while reducing the time spent moving and counting items around the warehouse will save you headaches. Inventory automation can play a vital role in this endeavor.
A smartphone or handheld device can scan barcoded inventory items as they move in and out of inventory, eliminating the need for paper records.
Investing in the new wave of inventory management solutions can ensure that your business has the power to succeed by showing your inventory as well as the openings to reduce cost and improve inventory management processes.