Supply and Demand: 4 Tips for Moving and Maintaining Inventory

Blog: Apriso Blog

Inventory management is an important aspect of business, no matter if you own a large company or a small business. There are several problems that make inventory management a little difficult. The following are four tips to help improve your inventory.

Paperless

Some business owners rely on paper data entry when they are working on their inventory. This can present all kinds of issues. For one, the paper could get lost unless you make several copies. The other problem is you are going to be using a lot of paper to keep track of your inventory.

It would be more cost-effective to go paperless, not to mention that it will also be eco-friendly. Besides, customers love hearing that a company is doing everything they can to be eco-friendly, which can mean more business for you. Errors could also happen while you are writing down inventory or when others are trying to read notes or numbers. You should consider updating and entering data on a digital platform. There are a number of options out there that you can consider.

Electronic Organizer

Another good idea is to start using a PDA device to organize your inventory digitally. PDA or a Personal Digital Assistant are handheld devices that help store information or transmit information to a central location. The machine scans your inventory and adds all information needed like the amount of items you have after scanning one.

Having a PDA makes it a little easier for you to go through your inventory to correct any possible mistakes. Yes, using a PDA device reduces the chances of a mistake because all you are doing is scanning, but that does not mean mistakes will not happen because nothing is perfect. The benefit is that this machine will make it easier to correct them.

Handling

A major problem that many small businesses have with their inventory is they are overstocked or under stocked. Most of these issues stem from the way you handle your inventory. If you can afford it, you could consider using some sort of fulfillment center or distribution service to help you out. If you don’t have the funds for that, or you would prefer to keep your operations in house, then take a step back and re-evaluate your situation. The issue starts at transportation and the way you organize your supply.

The most important thing to do is to organize the way you receive your merchandise. Make sure that every box is opened and every item is scanned before putting them away. You should also make sure you have a large warehouse to store your inventory. You do not want items to fall behind others because this is one way merchandise can get lost. Those who do not have a lot of space may want to consider reducing their inventory a bit to make sure they are keeping tabs on their supply.

Big Data

Those who decide to start entering information on their computer or using cloud services should also consider using big data software. This software is smart technology that helps analyze all data. It helps you understand how your merchandise flows and begins to suggest new ways to optimize your inventory.

You will also get suggestions on what items should be purchased frequently and what should be purchased less often. This means your orders should get a little smaller. This also means that the issue of overstocking or under stocking will be drastically reduced. The software continues to analyze data and will continue to improve your inventory.

These are just some of things that you can do to try to improve inventory management. There is still much more that you can do. For one, it is important to hire personnel who truly care and love to pay attention to the details. Be sure to stay open to suggestions when you get them because you never know what could help improve aspects of your business.