5 Great Inventory Management Techniques

When it comes to inventory management you can’t afford to takes chances; you need to make sure you have enough of the right products on hand whenever you need them. If you’re failing to keep up with your inventory management, then you’re letting down your clients and your company is failing. Here are five tips to help you maintain a solid inventory.

Prioritize your Inventory

It’s a given that some of your products will be moving faster than others. For this reason, you will need different management strategies. For instance, you should probably consider maintaining a large supply of items that move fastest, this way you won’t get caught short and be unable to meet your client’ demand. Items that move more slowly do not require as much of a stock buffer.

Keep your Eye on Demand

Product demand will fluctuate throughout any given year and some of the main factors that account for this are the economic climate, the season and your individual business trends. With these in mind, remember to focus on demand forecasting. Following past trends and predicting forthcoming ones will help you manage your inventory wisely.

Develop a Centralized Management System

Even if you run a small company, using a computer system to track inventory is definitely worth your while. This way you won’t lose track on inventory and you will know what to resupply as soon as you need it. A unified view of your inventory will also help you deal with any unexpected events that may arise in your warehouse.

Root Out Ongoing Problems

Ignoring a persistent problem isn’t going to make it go away. If you have items that are constantly in oversupply, find the cause of the problem and deal with obsolete stock once and for all.

Be Open to New Ideas

Keep your ear to the ground for new inventory management models. New approaches come along all the time and it makes sense to keep an open mind in case you can adapt new models to improve your current system.

At Bonded Services we are proud to be the regional leader in the transport and storage industries. We are committed to providing high quality services including secure public warehousing, contract warehousing, reliable order fulfilment, transportation, and inventory management. We have experience serving many industries from building products to food products, auto parts to lubricants. Call us today to discuss how we help you with your inventory management.