“There’s more than one way to manage your inventory.

Businesses use different techniques, including an annual, year-end physical inventory that counts every single item and ongoing spot-checking, which can be most useful for products that are moving fast or have stocking issues.” – Inventory Management 101: How to Manage Small Business Inventory, Square Twitter: Consider different mangement models. “Even with good inventory management software, periodically you still need to actually count your inventory to make sure what you have in stock matches what you think you have. By tracking the number of times a product is picked, you can determine the value of the space where the inventory resides.” – Arnaldo Garcia-Hernandez, 36 Tips for Warehousing and Inventory Management, SlideShare Twitter: Audit your stock. As an example, if an item is picked only five times a year, the cost of storage can be eliminated by drop shipping from the manufacturer. “Sometimes it makes no sense to stock a product.

Warehouse Organization for Inventory Managementġ.

Please note, our tips are listed in alphabetical order for ease of searching.Ĭlick on a category below to jump to a specific section: We also have categorized our tips into three main topics to help you find exactly the information you seek to streamline your inventory management processes. Of course, knowing which inventory management best practices to implement is half the battle that’s why we have rounded up 50 tips from industry experts for retail, warehousing, and manufacturing. Implementing inventory management best practices is one of the best ways to maintain transparency of stock and assets, keep accounts in line, and create reports for stakeholders. From correctly balancing stock in warehouses to ensuring production can continue to flow, inventory management is essential for keeping businesses up and running and the bottom line healthy.

Retailers, manufacturers, wholesalers, warehouses – nearly every business can benefit from inventory management best practices that streamline operations and processes and keep inventory, assets, and equipment in check.

2017 review of fishbowl inventory