Three Tips for Easier Inventory Management
At HandiFox, we’re always looking for ways to make our customers’ inventory management easier. So for this blog post, we’ll be explaining three tips to make inventory management easier:
1. Make Use of Historical Data: Never forget one of the greatest assets you have, which is the past history of your business. You can leverage historical information to forecast sales and make smart business decisions about how much inventory to keep in stock, avoiding the perilous pitfalls of under or over-stocking. If you have year over year data, analyze it for seasonal trends – this can be a great help in giving you extra lead-time on big order cycles.
2. Organize, organize, organize: This may seem like an obvious point, but it truly bears repeating. A disorganized warehouse breeds inefficiencies that can kill a business faster than any economic downturn. If your inventory gets large, inventory management software can be a truly invaluable asset.
3. Keep Your Stock Counts Accurate: Nothing will irritate a customer than ordering a product only to find out that it’s back-ordered – not only is your customer experience poor, but you’re potentially risking losing the customer to a competitor. That’s why it’s vital to make sure your stock counts are accurate and up-to-date 100% of the time.
Although they may seem simple, these three tips can go a long way to making inventory management quicker, easier, and more efficient.
If you have questions about any of these tips or want to discuss optimizing your inventory management system, feel free to reach out to us at our contact page. Don’t forget to check this blog periodically, as we’ll keep it up to date with interesting and useful tid-bits and inventory management solutions.