Revealing 12+ How to Manage Inventory, Inventory Effectively
Warehouse management is a combination of jobs related to the organization, arrangement and monitoring of goods storage. Effective warehouse management will help companies and businesses capture the business situation, quality and quantity of products available.
This is an extremely important job that even those who are just starting out in business. Those who have had many years of experience have struggled to find a way to help manage the warehouse effectively. The following article will introduce you to a few useful tips to improve this problem.
A productive business is a unit that works according to principles and processes. With careful and meticulous jobs such as warehouse management, the process plays an indispensable role. However, not all warehouses store the same products, so each unit has its own unique process.
In this section, Malu will provide information on the required steps in the inventory management process.
1. Organize the warehouse scientifically
Don’t turn your warehouse into a maze that makes it difficult to manage and find. The arrangement and arrangement of goods is one of the factors that help save warehouse space, increase labor productivity, save time and ensure safety.
Let this planning work from the beginning and have criteria to divide the product into different distinct regions. At the same time, it also includes specific instructions, diagrams, and nameplates, separate information for each type of product for easy identification.
2. Checking invoices, import and export slips
Today, companies and businesses often pay quite high salaries to hire employees to take on this position. This is one of the main jobs related to and directly affecting warehouse management. Knowing how to combine and handle science when receiving and checking many documents, exporting, importing and circulating goods is not an easy job.
Besides, this work is not just a simple record but must be done in the most optimal and effective way. Therefore, it is imperative that your employees are proficient in the ways of calculating goods in and out of the warehouse and have a certain understanding of the products they are managing.
3. Periodic inventory of warehouses
Due to many different factors, goods in stock may still be lost. Therefore, the periodic inventory of products in the warehouse is a necessary work to determine whether the actual quantity of goods in the warehouse compares with the paper and management books. Any discrepancies need to be clarified to find the cause to correct and prevent repetition.
At the same time, the inventory will also verify the quality of the product, whether it is damaged, worn out, or reduced in value. More specifically, to determine the business situation of the company, which products are selling well, which products are selling poorly and also the amount of inventory.
The sooner you know this information, the easier it will be for the company to come up with solutions.
4. Enhanced Protection
Every warehouse needs a professional and dedicated security team. The security team will be the key people to ensure the safety of the company’s warehouse and products. Not allowing strangers to access the warehouse, inspecting unauthorized people as well as monitoring the movement of goods, etc. will be the things that the security team undertakes every day.
In addition, the factory also needs to provide enough light, install a camera system, magnetic doors, etc. to ensure the best possible security.
5. Specify barcodes and print on products
Currently, many businesses have applied the method of warehouse management by barcodes with the support of barcode scanners on imported goods. Each group of goods has a corresponding barcode.
The function of this barcode is to identify product characteristics and capture product information throughout future transaction history. All that information will be saved to the manager’s computer and they will know the product through the barcode.
6. Use professional warehouse management software
By deploying the application of Warehouse Management Software to replace manual data recording activities, it has helped companies and businesses to limit errors and losses.
Obviously, using an inventory management software will make the inventory convenient, fast and ensure accurate results. Although it will cost a certain amount of money for the company, the effectiveness it brings is obvious, no need to argue.
The secret to clearing inventory
Inventory is always a problem that directly affects production and business activities, causing many businesses headaches. If your business is stuck with inventory in business, refer to these 7 tips:
1. Discount on inventory products
If you want to free up inventory, the easiest way is to reduce the price. Let’s start small, then continue to lower the price and multiply the product. Customers often tend to compare prices and compare benefits before making a purchase decision.
Therefore, when reducing prices, businesses should consider some reasonable prices. Do not think that if the price is really cheap, many people will buy it. Because it also depends on how to promote the product.
2. Refresh or remarket
Re-display the store, change the products on the shelves, move things, redecorate the signage, etc. This is like giving the merchandise a new look, and getting customers to practice focus more attention.
Even on the website, it is recommended to take product photos with a detailed description of the product benefits.
3. Use inventory as a gift
When going shopping, but also being given gifts is an interesting thing for everyone. With inventory products, you can completely take advantage of the gift, and it is important to adjust the price accordingly so as not to lose capital.
4. Sell inventory by combo
Instead of retailing each product, you can combine them with your inventory into combos to make it easier to sell. This is a way to offer two or more products in the same package.
The price of this combo will be lower when customers buy each product individually, making it easier for customers to accept to buy more, then they will see more profits. On the other hand, businesses have the opportunity to “push” inventories by selling them with products of the same brand.
This method is often very effective with clothing , cosmetics , etc. When consigning at stores with good sales and good locations, the inventory will be accelerated in the quantity to be consumed.
It is also an opportunity to build a relationship with the store owner for future cooperation.
6. Create events to consume inventory
To reduce inventory and recover capital, businesses are forced to accept losses in order to sell goods. And one method that can both liquidate inventory and promote a name is to create events to attract attention.
Events can be giving gifts of gratitude, incentives for loyal customers, giving discount codes, coupons, vouchers, etc.
7. Charity donation
It’s also a good idea to donate inventory to a charity if you can’t sell it. This not only helps the warehouse manager push a long backlog, but also creates a good reputation for the business because customers often have good sympathy for businesses that work towards the community.
Above are the most effective inventory management methods that Malu has synthesized to send to you. Hopefully, after this article, warehouse management will no longer cause you to worry about it. Instead, use the time previously spent on warehouse management to think about business strategies to get rich!