Stock Inventory Optimization Techniques
Stocking inventory management faces issues in almost all businesses and thus should be carefully handled much beforehand. To cleverly stock the inventory is the most important part to keep inventory issues at bay.
We consider the factors for stocking the inventory proficiently.
- Checking the stock coming inwards
It’s a must to verify that what you had ordered is same as what you have been delivered with by the supplier. While the numbers may matchup, an examination can uncover a lot of instances where the packing was not proper rendering the product unsellable.
Before we get more stock in inventory a cross-check how correct the number of products in inventory actually helps in not mistaking into getting more products than necessary.
- Storage of the stock
Storing the stock wherever it at that point of time seems to fit best is an easy thing to do but this would result in errors when the system gets more complex with time leading to your inventory being lost in the inventory itself.
Organised storage eliminates any wrong assumptions of the numbers in stock.
- Product Nomenclature
Even simplest of the products can have significant or subtle variations in them. It needs to be ensured that within the system the seemingly same products are attributed to these variations correctly and accurately, for you wouldn’t want to deliver a small packet when the customer wanted a large one nor would you want to give more for less.
Having a generic scheme of labelling the products throughout the inventory would be helpful as the chances of mistaking would be less if the same rule applies throughout.
Stock Inventory Management
- Minimum stock level
The stocks can’t be always brought to you at the same time as you would expect it to arrive. The buffer of stock is to avoid running out of stock. So this minimum stock level must not be utilised in normal practice, though the stock reserved for this must keep recycling.
- Account of best before dates
If the products you sell comes with a best before date, you are accountable to be providing the customers with the products which are conveniently usable before the item expires. If a customer is delivered with an out of date product, heavy fines would await you does the customer pursue the case. It becomes mandatory to keep track of the best before dates.
The automatic inventory management systems provide reminder features which should be used to keep the issue of best before dates handled. Also, it’s not only the customer who should be checking the date as a customer, when you receive the shipment, it should be ensured that you yourself are not receiving expired or soon to expire products first hand.