The way you organize your inventory system can make or break your brand. Orders may be rolling in, but with no process in place, you might find it difficult to sell anything.
Let’s get everything organized. Here are some fast and easy tips for a productive inventory process.
The importance of organizing your inventory
First, know why you should focus on a streamlined inventory system. Here are some common issues:
The price of storage
When demand spikes up, you’d need to have more space for your goods. You can’t rely on that small stock room you have in your office to store your products. Sooner or later, you will need to upgrade. And with no clear way to organize inventory, you’ll be wasting precious resources to pay for the bigger space.
Can’t keep up with fast production
Speaking of demand, your inventory system needs to sync with your production, as well. It’ll be messy to have too many stocks of a single item—which can be a hassle to sell.
Deliveries and customer issues
Fulfilling customer demands are integrated in an organized inventory system. Not only will you be able to keep track of available goods to sell, but you will also find out when orders need to be shipped or if you have enough stocks to sell.
A waste of good food!
If you’re in the food industry, then you know how important proper inventory and documentation are. You are dealing with items that come with an expiration date. Don’t let your potential profit transform into pesky expenses just because you can’t seem to keep everything in order!
Smart solutions for your inventory needs
Now that we’ve identified some common inventory issues, let’s integrate some smart solutions into the mix. Here are a few suggestions:
1. Addressing the storage problem
Start small when organizing stocks. Find out if you need to consider any particular traits when storing your inventory.
Next, inspect the place where you plan to keep your inventory. Is it clean? Does it meet your product’s requirements or specifications?
Knowing these aspects will not only let you store your stocks properly. You will also be able to identify if your chosen storage can meet both brand and customer demands.
2. Syncing production and inventory
Gone are the days when you need to rely on a logbook to tally every single inventory entry (if you still are, please upgrade for the sake of your business!).
Most businesses use spreadsheets and various inventory programs to keep track of their stocks. But, with no workflow to follow, even spreadsheets are at risk of error.
Here’s what you can do to streamline the process:
- Use cloud technology
You, your employees, and your business partners need to make sure that you’re all referring to the same resource. Having a spreadsheet up and ready in the cloud makes sure that all concerned parties are synchronized.
- QR code scans
Try using quick response (QR) codes for fast and accurate inventory tracking and updates. Instead of submitting and signing forms, a simple scan notifies the inventory system of any changes.
- NFC tags
Another efficient way to organize inventory is through the use of near-field communication (NFC) tags. A simple swipe or wave of an NFC tag to a compatible device should update the inventory system of new changes.
- Blockchain technology
The technology behind the popular cryptocurrency Bitcoin, Blockchain works as a public ledger that notifies all concerned parties of any new changes made on the chain. Incorporating this model in both the supply and inventory chain may result in an even faster, more transparent, and safer way to accurately document stocks.
No matter the approach, you need to make sure that production and inventory seamlessly collaborate with each other.
3. Dealing with customer and delivery issues
An organized inventory system will also give you a clearer view of orders and deliverables. You can also give more transparent responses if ever there are any delays.
Also, an improved inventory flow will let you identify if demand is expected to increase during a certain period of time, like the holidays since demand typically increases during this season. Anticipating an increase in orders will let you make necessary changes in both production and inventory in order to satisfy customer demands.
4. Addressing expiration problems
Lastly, better organization will allow you to maximize your perishable goods. You’ll be able to create an optimum timeline to prevent any spoilage (and if there’s a need to dispose of any unsold goods).
Stock it right, sell it right
Avoid the frustration of having to deal with an out-of-control inventory. We hope that these tips will help you sort things out!