The beginning of the year is a good time for you to review both your inventory management system and your inventory practices. Are you managing stock with ease? Are you automating repetitive tasks? Is your productive inventory control app mobile friendly? If not, the time has come for an upgrade.
Use the following suggestions to improve your inventory system this year.
• Automate inventory control with a small business product inventory software to save time and monitor stock more effectively.
• Optimize your purchase orders based on inventory forecasting data and past year inventory performance.
• Integrate QuickBooks and inventory management to get up to date numbers from your accounting and sales account and make important decisions faster.
• Use a QuickBooks inventory app to check, monitor, and plan your inventory on the go with ease, wherever you are, and at any time.
• Categorize your inventory, separating business inventory from dead inventory and slow-moving inventory, and devise strategies for them all.
• Use a multichannel inventory management to track and measure inventory across all locations, whether near or far.
• Simplify reorders with re-order automation based on optimal stock levels so you can avoid both understock and overstock.
• Use a barcode scanning system that enables you to track inventory in real type, at every step of the selling and replenishment cycles.
• Create product kits and bundles to maximize sales for slow-moving inventory and also to get rid of overstock that is increasing your storage costs.
• Manage your vendors effectively to avoid re-ordering issues and to enable a smooth stock replenishment process.
• Generate comprehensive yet easy to understand sales reports every day that tell you whether you stock management strategy is working or not.
• Make sure your inventory forecasting app provides enough information for you to know what items to restock and what items to drop from your purchase orders.
Inventory systems are not the most flexible systems in an organization — they can be hard to change once they are in place. But going back to your inventory system and finding ways to improve it every year is crucial to taking advantage of the latest technologies and move stock more smoothly.
