How to Identify an Effective Stock Management System
Inventory management is one of the most important aspects of running a business. Although there is no perfect way to set up an inventory management system, and you will need to be somewhat flexible depending on your type of business and its size, there are some basic elements that are important when it comes to identifying an effective stock management system. Here’s a rundown.
- Clear labeling: your inventory should be well organized. Wherever it is stored, it should be clearly labeled with the item name and location. Using automatic data collection technology can save you lots of time and money here, because you will have up-to0date information at your fingertips about where each item of your inventory is.
- A clear count: getting the data into your inventory software correctly at the outset is important. Make sure you get an accurate measure of your products and utilize ongoing cycle counting so that you don’t have to halt operations to take a complete inventory.
- Keep employees up to date: Every person in your business that comes into contact with the inventory should know all about every aspect of the inventory management system. This includes: what to do with items received or taken from stock, what to do with returned items, how to reserve items for future use, and who is responsible for making whichever transactions.
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