How To Keep a Track on Inventory?

Every business needs to keep an eye on its inventory to take business decisions. This task can be made easier and quicker by using a cutting -edge inventory tracking system. Some techniques that help in managing inventory are-

Forecasting Finetuning

It is important to forecast demands as accurately as possible. The projected sales calculations must be carried out while considering historical sales figure, predicted growth, market trends, promotions, marketing efforts and more.

FIFO Approach

FIFO approach means first in and first out. It means that the goods manufactured first must be sold first, that is, in a chronological order. This is especially important in case of perishable products like makeup, flowers, food, etc. Even nonperishable items get damaged if they keep sitting on the shelf for a long time.

Check low-turn stock

It is important for the inventory managers to spot or identify stock that has not been sold for the last 6-12 months. In such a case, it is prudent to stop stocking them. Promotion strategies like offers, discounts, and schemes have to be run to get rid of this stock. This is because excess stock occupies premium space in the warehouse. The supply chain consulting firms will also suggest getting rid of such stock and save capital and space.

Cloud Based Inventory Management Software

Invest in a high-end inventory management software that can provide real time analytics. This software integrates directly with POS. This helps in automatic adjustment of stock levels every time a sale is made. This helps in keeping a track of the inventory.

Track Stock Levels

As per premium logistics consulting firms, it is important to constantly track stock levels. Using a premium software can help save a lot of money and time and will keep you on top of the things. This also helps in taking quick and well-informed business decisions.

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