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Tips for Good Inventory Management

Good Inventory Management Practices

By: Zayne Hamilton
         Managing inventory is a severely underrated task. It requires a diverse understanding of the products you carry, their prices, and an intimate knowledge of shipping rates. So what makes a good inventory manager? Do they just punch in a half hour early, and stay an hour late to clean up? Here are some practical ways you can improve your luster as an Inventory Manager.

Check your Inventory Reports Frequently

            If you don't currently employ inventory reports, this is a great practice to get into. An Inventory Report is a summary of all of the items that you have in stock, and the quantities of those items. Checking these often can be beneficial for a number of maybe somewhat obvious reasons. For one, you will know what you can ship directly, and what you need to order. But on a more social level, if someone asks you if you have item x in your inventory, you have a better chance of knowing the answer if you have reviewed your Reports recently. Checking these reports also allows you divvy tasks among your team. Inventory Reports are a useful tools for management and shipping.

Gain Knowledge about the Products you are Stocking

        In most cases, the products you have in inventory are very diverse. And since they are diverse, they have different requirements. For example, if some of your products have shelf lives, then it will be necessary to order new replacements for those old products. This can only happen if you as the manager make it happen. The company is dependent on the fact that their products are up to date and usable. If you as the manager allow your products to become outmoded or old, the bad reputation your company gains is on your hands. By knowing more about your products,, you can more accurately compensate for shelf lives and special needs.

Know the Trends

       Part of being a manager is knowing what is liked and what isn't. Study the demand patterns fro your products so you can find out which products will need to be ordered more frequently than others. This allows your to stay one step ahead of the out of stock trap. If a customer routinely orders 15 units of x on the first of the month, you can compensate for that by having those items ready to go when they are ordered. Being prepared allows for the order to be shipped sooner, and makes the customer happier. A win-win.

Use the right tools

      Part of being a successful worker is having to right tools to succeed. Adequate barcode scanners, such as the Tekoa TK421 or TK821 work with you to do your job better. With complete internet access and formatting functions, they make shipping and receiving a breeze. You can even access your online ERP accounts with installed browsers. As seen in the Tekoa ERP, you can access the complete mobile ERP system directly from your device.

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