Managing your inventory is a hard task, especially if the inventory is large, with lots of items for dab supplies and more, small and large alike. Inventory management is an area where there is a lot of space for improvement in most companies – here are some best practices that can help you streamline your processes:
- Arrange your items in the order of sales priority – placing the items that sell best and are the most frequently reordered in the areas that are the easiest to reach;
- Establish key performance indicators and measure the performance of your inventory regularly – the process will help you determine important sales milestones and evaluate the performance of your inventory, thus facilitating important strategic decisions;
- Carry a safety inventory – this is especially important for products that sell fast, but take a long time to obtain from your supplier as the process will help you cope with pikes in demand and will prevent the stockouts that occur because of poor market forecasting;
- Streamline the stocktaking process – stocktaking in most companies is a process that disrupts daily business operations. The best way to minimize that disruption is to prepare the warehouse area before the stocktaking, that way you will be able to minimize the necessary workforce.