How’s your inventory management? As with anything else, good management requires great planning – and when it comes to your inventory, you really need to have a comprehensive system in place to ensure that you aren’t losing money or customers.
When you have good inventory management in place, you enjoy a range of benefits including:
- An efficient supply chain
- Accurate reporting and sales figures
- Improved value for your customers and users
- Fewer errors with distribution
We wanted to give you some of our top tips for inventory management success in the hopes that it helps you to get a better handle on your logistics overall.
Plus, if you need assistance in any area of inventory management, we are on hand to help – just call us! You can reach us on (07) 3879 3500.
Inventory planning tips from SLA
Inventory management isn’t as easy as simply ordering some stock and distributing it, unfortunately, but with great planning, your inventory management can be a highly efficient part of your business. Here are some tips to give you better inventory management overall:
- Implement a tracking system (if you do not have one in place already). When you have factual data, which is gathered from real performance, you can modify and manage your inventory better. Find out which items are shipping most often and update your warehouse layout to reflect this. Identify seasonal trends and ensure that your stock levels are ready to meet the demands.
- Go with real-time analytics. The power of working with real time analytics means you have the ability to perform rapid and interactive analyses and adjust – even in real time!
- Monitor your suppliers. You need to know whether certain distribution partners are regularly late, or if they consistently underdeliver the items that you have ordered. It is worth taking the time to identify problem suppliers and then work with them to resolve potential issues. If you know that there’s a regular under-delivery of a certain item, you may hold more of that inventory to protect yourself against undersupply. Plus, you can use this information to work with that supplier and resolve any issues.
- Manage slow-moving items cleverly. If you have stock that is necessary but slow moving, consider aggregating all of this inventory into a single distribution centre, and then consider getting rid of your slow moving or obsolete stock by sending it on to a cut-price retailer, or by putting it on sale. Whenever there is stock clogging up your warehouse you are wasting resources on this. Get it moving or get rid of it.
- Go mobile. With so much technology available in today’s day and age, it makes sense to use mobile devices to access information and make quick inventory decisions.
- Leverage your team. Your team is a well-oiled machine, and it makes sense to take advantage of their Why not encourage managers and staff to forecast together and then look at their predictions to see who was on target. This can be a good way to get people thinking about inventory management and will encourage greater acceptance of any inventory management strategies you put forward.
- Work with a logistics management company like SLA. We make short work of managing inventory and provide transparent and reliable service to businesses across Australia.