Twollow
  • Tech
    GPS Trackers

    Types of GPS Trackers: A Comprehensive Overview

    Indian Developers

    Why Indian Developers are a Go-To Choice for Global Tech Companies

    text to speech

    Text to Speech in Assistive Technologies: Empowering Users with Disabilities

    IT Services

    Unlocking the Power of Managed IT Services: Supercharge Your Business in Charlotte with Proactive IT Support

    VoIP Phone System

    Top Features to Look for in a VoIP Phone System

    Managed IT Services

    The Benefits of Partnering with a Local ‘Managed IT Services Near Me’

    Digital transformation

    Digital transformation success stories to learn from

    chat gpt

    How to Integrate ChatGPT: A Comprehensive Guide

    podcast

    From Novice to Expert: Navigating the World of Podcast Editing Jobs

  • Apps
    The Most Effective YouTube Shorts Strategies

    The Most Effective YouTube Shorts Strategies

    canva design

    An In-Depth Look at Canva Pro Pricing: Is it Worth the Investment

    Food Delivery Apps

    Why White-Label Food Delivery Apps Are Best To Start in 2023

    Why Should You Buy Views for Instagram

    Why Should You Buy Views for Instagram | Top Advantages

    News Mobile App

    Best Practices For Creating Engaging News Mobile App

    app development

    InsiderTech No:1 Web Application Development

    Efficient Hosting Solutions

    Why Businesses Should Use Highly Efficient Hosting Solutions for Their Sites

    How To Build Android Apps With Node JS Using Android JS

    How To Build Android Apps With Node JS Using Android JS

    Is Powerapps Service The Future Of App Development?

  • How To
    How Can You Customize Your AirPods Pro Case

    How Can You Customize Your AirPods Pro Case? Tips and Ideas

    water heater

    How to Properly Maintain Your Water Heater

    How To Reset Cricut Explore Air 2

    How To Reset Cricut Explore Air 2

    How To Turn On Smartwatch Without Power Button

    How To Turn On Smartwatch Without Power Button

    How To Reset Ebike Battery

    How To Reset Ebike Battery

    How To Remove Pressure Marks From Laptop Screen

    How To Remove Pressure Marks From Laptop Screen

    How To Set Time On Smartwatch Without App

    How To Set Time On Smartwatch Without App

    How To Reset Shark Robot Vacuum

    How To Reset Shark Robot Vacuum

    How To Reset Inverter Overload

    How To Reset Inverter Overload

  • Business
    • All
    • Finance
    Exchange Advanced Cash to Perfect Money

    Exchange Advanced Cash to Perfect Money

    Safer Workplace

    How to Create a Safer Workplace for Your Employees

    Construction Business

    Growing Your Construction Business: Strategies for Scaling Up

    4 Must-Have eCommerce SEO Tools for Boosting Online Sales

    Reverse Mortgages

    How Reverse Mortgages Can Help Future Retirees Improve Their Financial Stability

    Selling Your Home

    5 Things to Think About Before Selling Your Home

    Training

    Compliance Training Best Practices: Ensuring Organizational Compliance

    Luxury Brand Transaction Transformation

    Luxury Brand Transaction Transformation Through the Digital Yuan

    cryptocurrency investment

    How to Use TradeStation Technical Indicators to Improve Your Trading Strategy

  • Marketing
    E-commerce

    How Can E-commerce Firms Achieve Sustained Growth?

    SMS Marketing

    SMS Marketing vs Email Marketing: Which Strategy Reigns Supreme?

    Instagram Travel Influencers

    From Hashtags to Hotels: How Instagram Travel Influencers Monetize Their Content

    Social Media

    How to Amass a Substantial Following on Social Media

    Content Marketing

    How to Choose the Best Content Marketing Agency for You

    Optimize BOPIS Processes

    How to Optimize BOPIS Processes for Increased Sales and Customer Loyalty

    chrome

    Unleashing the Power of Chrome Extensions: A Game Changer for Amazon Sellers

    Customer Service

    Streamlining Support: How Conversational Messaging Transforms Customer Service

    Used Textbooks

    The Power of Product-Led Onboarding: Turning Users into Lifelong Advocates

  • General
    Personal Injury Case

    The Role of Evidence in Strengthening Your Personal Injury Case

    Blood Test

    How Can An AMH Blood Test Help Diagnose Infertility?

    Disney Adventure

    How Round-the-World Airfares Enhance Your Disney Adventure

    World of Warcraft

    Sites that are designed to help beginners better understand World of Warcraft

    Image Cleaner Online

    4 Reasons Why Every Photographer Needs an Image Cleaner Online

    House Suitable for Solar Panels

    Is Your House Suitable for Solar Panels? A Comprehensive Guide

    Game Design

    AI Tools in Game Design: Creating Intelligent and Adaptive Gameplay

    Patient Privacy

    Patient Privacy vs. Legal Needs: Striking a Balance in Medical Record Access for Lawyers

    Straight Talk on Asthma

    Straight Talk on Asthma: Securing Your Disability Benefits with Confidence

  • Reviews
    detecting plagiarism

    Editpad’s Plagiarism Checker Review: Is it best in detecting plagiarism?

    Development of Cryptocurrency

    A Crypto.com Overview

    Ophthalmology eyesight examination

    Red Light Therapy Devices for Eyes: Where to Buy

    text to speech

    Best Text to Speech Converters Reviewed

    air purifier

    Where Can You Find the Best Air Cleaner Pro Reviews?

    How to Choose a Cheap Hosting

    Liquid Web Reviews: A Look At A Reliable Hosting Company

    Ionic Training

    Get Ionic Training and Improve Your Career Options

    Learning Experience

    Salesforce DX myTrailhead to Customize the Learning Experience

    Best Web Hosting Services

    10 Best Web Hosting Services 2018

  • Featured
No Result
View All Result
  • Tech
    GPS Trackers

    Types of GPS Trackers: A Comprehensive Overview

    Indian Developers

    Why Indian Developers are a Go-To Choice for Global Tech Companies

    text to speech

    Text to Speech in Assistive Technologies: Empowering Users with Disabilities

    IT Services

    Unlocking the Power of Managed IT Services: Supercharge Your Business in Charlotte with Proactive IT Support

    VoIP Phone System

    Top Features to Look for in a VoIP Phone System

    Managed IT Services

    The Benefits of Partnering with a Local ‘Managed IT Services Near Me’

    Digital transformation

    Digital transformation success stories to learn from

    chat gpt

    How to Integrate ChatGPT: A Comprehensive Guide

    podcast

    From Novice to Expert: Navigating the World of Podcast Editing Jobs

  • Apps
    The Most Effective YouTube Shorts Strategies

    The Most Effective YouTube Shorts Strategies

    canva design

    An In-Depth Look at Canva Pro Pricing: Is it Worth the Investment

    Food Delivery Apps

    Why White-Label Food Delivery Apps Are Best To Start in 2023

    Why Should You Buy Views for Instagram

    Why Should You Buy Views for Instagram | Top Advantages

    News Mobile App

    Best Practices For Creating Engaging News Mobile App

    app development

    InsiderTech No:1 Web Application Development

    Efficient Hosting Solutions

    Why Businesses Should Use Highly Efficient Hosting Solutions for Their Sites

    How To Build Android Apps With Node JS Using Android JS

    How To Build Android Apps With Node JS Using Android JS

    Is Powerapps Service The Future Of App Development?

  • How To
    How Can You Customize Your AirPods Pro Case

    How Can You Customize Your AirPods Pro Case? Tips and Ideas

    water heater

    How to Properly Maintain Your Water Heater

    How To Reset Cricut Explore Air 2

    How To Reset Cricut Explore Air 2

    How To Turn On Smartwatch Without Power Button

    How To Turn On Smartwatch Without Power Button

    How To Reset Ebike Battery

    How To Reset Ebike Battery

    How To Remove Pressure Marks From Laptop Screen

    How To Remove Pressure Marks From Laptop Screen

    How To Set Time On Smartwatch Without App

    How To Set Time On Smartwatch Without App

    How To Reset Shark Robot Vacuum

    How To Reset Shark Robot Vacuum

    How To Reset Inverter Overload

    How To Reset Inverter Overload

  • Business
    • All
    • Finance
    Exchange Advanced Cash to Perfect Money

    Exchange Advanced Cash to Perfect Money

    Safer Workplace

    How to Create a Safer Workplace for Your Employees

    Construction Business

    Growing Your Construction Business: Strategies for Scaling Up

    4 Must-Have eCommerce SEO Tools for Boosting Online Sales

    Reverse Mortgages

    How Reverse Mortgages Can Help Future Retirees Improve Their Financial Stability

    Selling Your Home

    5 Things to Think About Before Selling Your Home

    Training

    Compliance Training Best Practices: Ensuring Organizational Compliance

    Luxury Brand Transaction Transformation

    Luxury Brand Transaction Transformation Through the Digital Yuan

    cryptocurrency investment

    How to Use TradeStation Technical Indicators to Improve Your Trading Strategy

  • Marketing
    E-commerce

    How Can E-commerce Firms Achieve Sustained Growth?

    SMS Marketing

    SMS Marketing vs Email Marketing: Which Strategy Reigns Supreme?

    Instagram Travel Influencers

    From Hashtags to Hotels: How Instagram Travel Influencers Monetize Their Content

    Social Media

    How to Amass a Substantial Following on Social Media

    Content Marketing

    How to Choose the Best Content Marketing Agency for You

    Optimize BOPIS Processes

    How to Optimize BOPIS Processes for Increased Sales and Customer Loyalty

    chrome

    Unleashing the Power of Chrome Extensions: A Game Changer for Amazon Sellers

    Customer Service

    Streamlining Support: How Conversational Messaging Transforms Customer Service

    Used Textbooks

    The Power of Product-Led Onboarding: Turning Users into Lifelong Advocates

  • General
    Personal Injury Case

    The Role of Evidence in Strengthening Your Personal Injury Case

    Blood Test

    How Can An AMH Blood Test Help Diagnose Infertility?

    Disney Adventure

    How Round-the-World Airfares Enhance Your Disney Adventure

    World of Warcraft

    Sites that are designed to help beginners better understand World of Warcraft

    Image Cleaner Online

    4 Reasons Why Every Photographer Needs an Image Cleaner Online

    House Suitable for Solar Panels

    Is Your House Suitable for Solar Panels? A Comprehensive Guide

    Game Design

    AI Tools in Game Design: Creating Intelligent and Adaptive Gameplay

    Patient Privacy

    Patient Privacy vs. Legal Needs: Striking a Balance in Medical Record Access for Lawyers

    Straight Talk on Asthma

    Straight Talk on Asthma: Securing Your Disability Benefits with Confidence

  • Reviews
    detecting plagiarism

    Editpad’s Plagiarism Checker Review: Is it best in detecting plagiarism?

    Development of Cryptocurrency

    A Crypto.com Overview

    Ophthalmology eyesight examination

    Red Light Therapy Devices for Eyes: Where to Buy

    text to speech

    Best Text to Speech Converters Reviewed

    air purifier

    Where Can You Find the Best Air Cleaner Pro Reviews?

    How to Choose a Cheap Hosting

    Liquid Web Reviews: A Look At A Reliable Hosting Company

    Ionic Training

    Get Ionic Training and Improve Your Career Options

    Learning Experience

    Salesforce DX myTrailhead to Customize the Learning Experience

    Best Web Hosting Services

    10 Best Web Hosting Services 2018

  • Featured
No Result
View All Result
Twollow
No Result
View All Result

As Your Business Expands: 7 Best Practices for Managing Your Inventory

by Tom Fogden
August 5, 2020 - Updated on September 29, 2023
0
Stock Management Methods
Share on FacebookShare on Twitter

Determining the optimal inventory level will reduce the capital tied down in stock and lower stock-outs’ risk. The idea is to ensure that goods are available when customers order them. By doing this, you will increase business sales and enhance customer sanctification. It may feel like it is an impossible task to know the right amount of stock to hold at a given moment.

Luckily there are many new inventory systems you can implement to execute an accurate inventory of your supplies at tfc.eu.com you’ll find a wide range of logistic systems, designed to offer a flexible management system that suits your specific needs. They provide their customers with superior market knowledge and customer service.Continue reading to see seven practices that will simplify inventory management for your enterprise.

7 Simple Stock Management Methods

Maintain proper inventory data2. Invest in a suitable POS System.3. Establish the minimum inventory level for each item4. Implement the ABC stock management technique5. Analyze your past sales data and predict future demand levels6. Reduce lead time7. Learn how to best handle aging, obsolete and redundant stock

1- Maintain Proper Inventory Data

How do you know you need to reorder a given stock item? The key is to maintain accurate and updated stock records. You can undertake this task manually using a pen and stock cards or you can use a barcode reader and employ computer tools such as spreadsheets to create a digital POS system. The aim is to have accurate inventory data that will guide you on the various actions to take.

2- Invest in a Suitable POS Inventory Management System

You need to track of daily sales level, as this data will help you know the available inventory. To ease this work, you should look for a suitable POS Inventory Management system to get for your enterprise. The system will show sales of a given item and the remaining number in stock. With this information, it is easy to know when to replenish the inventory. To find the perfect POS systems for inventory management here are some of the things to consider:

  1. Pricing and set up cost- The plan is to see how much you will pay for the tool and if your company can afford it.
  2. Ease of use- You will aim to review the necessary training to ensure the system’s proper setup. The goal is to ensure zero errors in inventory recording that may lead to the wrong decisions.
  3. Customization options- Can the system be tailored to suit your company’s inventory monitoring and tracking needs?
  4. Data analyzing capabilities- Does the system offer comprehensive reports that will help you make smart inventory management decisions.
  5. Support- With any new technology, you should expect to encounter different challenges when using it. You need to opt to get the POS system from a company that can assure you of timely and reliable support.

3- Establish the Minimum Inventory Level

for Each ItemIt is prudent to have a stock control system that alerts when certain levels are reached. The idea is to know when to reorder it. You need to input these levels on the POS inventory management system to get timely alerts.

4- Implement the ABC Stock Management Technique

Your inventory can be divided into several categories depending on the value and moving rate. The ABC analysis recommends that you have three groups of stock. Each group has features that will aid you in knowing the best way to manage it.

Group A- These are your fastest moving stock items that contribute highest to your profits. The stock-outs of these items will lead to a significant reduction in sales. The importance of these items makes them a priority when handling inventory control. You need to ensure that these products are available in stock at all times.

Group B- These are moderate moving stock commodities that offer an average return to your business. To determine the ideal inventory to maintain for these items, you need to compare the profits you get and the holding cost.

Group C- These are slow-moving inventory items that have a low-profit margin. With these commodities, you can afford to relax your inventory management policies. The reason is that stock out of these products has a minimal impact on your sales revenue.

5- Analyze Your Past Sales Data and Predict Future Demand Level

To ease inventory control, you need to study your sales trends over various periods. The idea is to learn when the demand for certain items is high. To undertake this task, you need to have a POS system that will help you collect and analyze sales data. From the reports, you get you can project likely future sales.You may also need to explore the external factors that impact on the buying behaviours of consumers. For instance, economic uncertainties and political instabilities make people reduce their spending to save money. Due to these things, your sales and demand for the products may be low at these times.

6- Reduce Lead Time

To minimize the inventory you hold, you should discuss how you can reduce lead time with your suppliers. The goal is to get the products as soon as possible, lowering the holding stock. Here are some of the things that can reduce the lead time.

Buy from local suppliers – The distance between your company and supplier with an impact on how long it takes to receive the goods. To expedite the process, you need to weigh the option of buying from nearby suppliers.

Give incentives to your suppliers-You should look for ways of encouraging the suppliers to deliver the items you order on time. For instance, the promise to keep buying from them if they reduce the lead time. Also, you need to make timely payments to the suppliers to improve your relationships and keep them motivated.

Offer the supplier your sales forecasts- The idea is to make it simple for the supplier to predict when you may need stock replenishment. With this information, the supplier will take action to ensure the timely delivery of the goods.

Improve communication with suppliers- Effective communication is critical to building a good relationship with suppliers. Each party should clearly understand the terms of the transaction to avoid inconveniences, such as the delivery of the wrong items or quantity. It is wise to look for how you can integrate inventory control tools with the suppliers’ systems.

7- Learn How to Best Handle Aging, Obsolete and Redundant Stock

The quality of some products deteriorates if you keep them in the storage unit for a long time. It is prudent you have a system where you sell the old stock first. The other thing is to look at the best disposal methods for obsolete and redundant stock. Keeping such items on your inventory is a cost that should be eliminated.

Stock control is, therefore, simple when you learn the best practices to adopt. The goal is to maintain the lowest possible inventory level without increasing the danger of a stock out. You need to look for technologies that can help you achieve this goal. Hence, why you should look for the appropriate POS system to acquire for your enterprise. This tool ease collecting sales data and analyzing it, to decide the optimal stock level to maintain.

Infographic created by WSI, a 3pl distribution company

Tags: inventoryStock Management Methods
Tom Fogden

Tom Fogden

Tom Fogden is a writer for Twollow with a range of experience in the world of tech publishing. Tom covers everything from cybersecurity, to social media and website builders when he's not reviewing the latest phones, gadgets, or occasionally even technology books.

Related Posts

Exchange Advanced Cash to Perfect Money
Finance

Exchange Advanced Cash to Perfect Money

The use of payment systems is associated with constant turnover. Many wonder how to exchange Advanced Cash to Perfect Money...

by John Morris
December 1, 2023
Safer Workplace
Business

How to Create a Safer Workplace for Your Employees

Workplace safety is anyone’s responsibility, but much of that is placed upon the employer. If you own a company in...

by John Morris
November 29, 2023
Construction Business
Business

Growing Your Construction Business: Strategies for Scaling Up

For construction business owners in Ontario, the path to growth and success is uniquely challenging and rewarding. Whether you're based...

by John Morris
November 25, 2023
Business

4 Must-Have eCommerce SEO Tools for Boosting Online Sales

Have you ever wondered how successful online stores manage to stay on top? The answer is more straightforward than you...

by John Morris
November 24, 2023

Recommended

Exchange Advanced Cash to Perfect Money

Exchange Advanced Cash to Perfect Money

December 1, 2023
Personal Injury Case

The Role of Evidence in Strengthening Your Personal Injury Case

December 1, 2023
Safer Workplace

How to Create a Safer Workplace for Your Employees

November 29, 2023

Who We Are

Twollow is one of the leading tech and business blogs, that is dedicated towards updated Technology & Business news, reviews, Apps, how-to, smart tricks, and tweaks.

Follow Us

  • Facebook

Categories

  • Apps
  • Business
  • Education
  • Featured
  • Finance
  • General
  • How To
  • Marketing
  • Reviews
  • Security
  • Tech
  • Uncategorized

Top Posts & Pages

  • 100+ Free Premium Minecraft Accounts & Passwords (Tested 2023)
    100+ Free Premium Minecraft Accounts & Passwords (Tested 2023)
  • How to Get Free Virtual Phone Number for WhatsApp Installation
    How to Get Free Virtual Phone Number for WhatsApp Installation
  • Hack someone’s Instagram Password with Easy Tricks
    Hack someone’s Instagram Password with Easy Tricks
  • How Much Weight is Allowed in a 20 ft and 40 ft Container?
    How Much Weight is Allowed in a 20 ft and 40 ft Container?
Exchange Advanced Cash to Perfect Money

Exchange Advanced Cash to Perfect Money

December 1, 2023
Personal Injury Case

The Role of Evidence in Strengthening Your Personal Injury Case

December 1, 2023
Safer Workplace

How to Create a Safer Workplace for Your Employees

November 29, 2023
  • About Us
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • Disclaimer
  • Cookie Privacy Policy

No Result
View All Result
  • Home
  • Security