Inventory control is a very important activity for the development of companies, inadequate management can generate unsatisfied customers for not being able to meet their demands in a timely manner, in addition to causing a strong impact on profits.
Here are 5 helpful tips that will help you keep better track of your warehouses so you can deliver excellent customer service and stand out from the competition:
- Accurately forecast demand
Planning and adequate forecasting of expected demand is a very important piece of information that you must have to avoid a shortage or excess of goods, which in both situations will represent a significant extra cost that will have an impact on the operations and profits of the company or organization.
To succeed in estimating demand, it is essential for inventory management firm to keep a record of the turnover of different products you offer, if this influences your line of business, it means your forecast is accurate.
2. Classify and prioritize your inventory
A very common mistake that can be made in inventory management is to treat all your products equally, it is very important to classify your merchandise in at least 3 categories to get a better vision about the type of product and the way of management.
The easiest way to categorize them is based on the rotation, that is, whether it is high in demand or in low mandate. Inventory management companies will give you information to better plan your purchases and avoid the problems discussed in the previous point.
3. Implement an inventory policy
To carry out a stricter and optimal control of the inventory, it is essential to have a defined policy that serves as a guide. The objective of this practice is that you have guidance on how the inventory should be constituted, for example:
– Level of finished product that must always exist.
– Cash level that you must have as inventory.
– Correct classification of each type of merchandise and its rotation.
– Times to place orders.
– Periodic audits and reviews.
4. Make alliances with your strategic suppliers
Suppliers are your business partners;therefore, it becomes essential for you to establish alliances with them. To achieve this synergy, it is important to analyze the supply chain and look for impacting factors for the inventory and different operations of the company, so that best inventory management companies can plan actions in normal times and the future.
5. Trust experts
Building and preparing a team work for these tasks is often a headache for reputed organizations, which in many cases end up assigning these tasks as a “secondary” duty to professionals dedicated to other types of administrative functions.Inventory management companies in India ensure that you do not have unnecessary expenses for personnel and equipment, nor lose valuable work hours in other areas of your company, leaving this complex task in the hands of trained experts and with the necessary infrastructure to ensure 100% results. Hire them today!