5 Ways to Improve Inventory Management

managing inventoryInventory management is an important aspect of running any product-based business. From picking up the products to storing and distribution, your inventory management should be as flawless as your business itself. Making sure that you have the right amount of products on hand at all times will help you reduce your overhead and improve your efficiency at the same time. Simply put, this is not an area you can afford to ignore.

Listed below are five ways to improve inventory management so you can keep your customers satisfied.

Understand Fluctuations in Demand

Product demand tends to fluctuate throughout the year based on weather patterns, economic changes, holiday seasons, etc. Take time to understand how the demand for your products changes from month to month, and adjust your inventory levels accordingly. For instance, a lot of retailers will stock up on items in October and November to prepare for large Black Friday sales. Track demand trends for your products well in advanced so you can be ready for whatever comes your way.

Keep Large Volumes of Quick Sellers Available

No matter what industry you're in, some of your items are naturally going to move faster than others. Typically, these are items that customers or other businesses need – not just want – or they are items that are more affordable than most of your other products. Whatever the case may be, you need to note how long certain items take to sell and make sure you have large volumes of the quick sellers on hand when you need them.

Work with a Good Warehouse and Distribution Center

Your warehouse and distribution center are going to be critical components of your inventory management. Chances are you will never personally handle the products that get sold through your company. You will rely on someone else to store and transport them where they need to go. If you don't have an efficient team working for you, you'll end up paying way too much for way too little. Take some time to find an experienced, trusted, well-qualified warehouse that can handle your specific needs.

Utilize New Technology

Inventory management has come a long way over the years, thanks to advancements in technology and innovations in software solutions. Even if you run a small company with a limited number of products, you should invest in a computer-based management system for your inventory. This will allow you to keep track of inventory levels in real time, and it will help you push products through the warehouse quickly and easily. At Overflo, we work with the latest in inventory management programs to ensure our customers can effectively track their products from start to finish.

Fix Problems When You Notice Them

Problems in your inventory management will not get better on their own. For instance, if your customers have had trouble getting a certain product in a timely manner, you may want to assess why there are delays in your order processing and figure out what needs to be done to fix those issues. You may also want to adjust the timeframe you quote your customers for order processing to ensure that you meet their expectations. Be proactive in improving your inventory management, and your business will run smoothly as a whole.

 

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