Whether you run a small local business or a large retail shop, performing cost-effective inventory management is probably high on your list of priorities, rightly so, considering that proper inventory control boosts your business productivity and profitability. In a recent blog post, bar code solutions provider Camcode has asked inventory management experts what the single most effective inventory strategy is.
Every expert offered a different answer. In other words, there is no magic inventory strategy that can solve all your inventory problems, but there are a lot of tips that can improve your inventory control process. Here is the cream of what the inventory experts had to say.
- Invest in a modern inventory solution app such as a cloud-based inventory control application or online inventory management system.
- Established a disciplined inventory management strategy.
- Use existing data to try to anticipate when major inventory-related issues will occur and prepare emergency strategies — such problems are unavoidable for any company.
- Use a business intelligence solution to better understand your stock usage patterns.’
- Avoid surplus inventory by challenging the minimum order quantities the supplier enforces.
- Donate surplus inventory to receive an up to twice-the-cost federal tax deduction.
- Use a two-part cycle count program to count small portions of stock throughout the year.
- Track not only inventory level and location, but also supply and demand variability and shipping times.
- Invest in diligent sales forecasting.
- Use data analysis to predict what stock you need.
- Use drop-ship suppliers who can directly ship products to customers so that you don’t have to maintain a large inventory.
Regardless of what inventory strategies you want to implement, an inventory solution app such as an online inventory management system will make inventory control and maintaining the right stock levels a much simpler and more effective process.