3 Tips for Low-Tech Inventory Management

There are a lot of different ways to smarten up your inventory style with artificial intelligence and software on the cloud. But if you’re looking for an inventory management without hurting your short-term budget, you’re not out of luck. Try these three strategies to keep your store fully stocked without all the software:

3 Tips for Low-Tech Inventory Management

1. Make a map and update it.

Keeping extra inventory in your warehouse means your store has more room for customers and displays. It also makes your store easier to navigate. But when you’re running low on popular items in the middle of the day, you need to be able to replenish the stock. Keep an updated map posted near the door to your warehouse. Then you can send any of your employees out to reload your supply without worrying that they’ll be searching for hours.

Over time, you’ll get new products or you’ll find better ways to organize the space. Make sure you update the map along the way so it stays relevant.

2. Keep a spreadsheet everyone can edit.

If you’re starting to incorporate a bit of software into your inventory management, the best place to start is with a good database. Excel or Google Sheets can handle your lists of products, inventory amounts, and delivery dates.

But one common mistake is to over-protect files. While you need to protect your company’s information from the outside world, don’t limit employee access to the inventory lists. You’ll need them to make edits and updates, too, especially as your company expands.

3. Take note of high-frequency purchases and paired purchases.

You’ve probably organized your store to optimize purchases. The high-frequency trinkets and impulse buys are easy to access and near the registers. Items that your customers buy together are shelved together.

Carry that same data-based organization into your warehouse. Store frequently ordered inventory near the door for easy access, and make sure paired goods are stored together. Your employees will thank you whether they’re restocking or placing an order.

Go to Warehouses Plus for more tips and rental units that are the perfect fit for your business.

5 Inventory Management Tips For a Smoother Workflow

Keeping a good inventory workflow is essential if you want to avoid hiccups and out-of-stock problems. A smooth inventory workflow will help you keep your buyers satisfied so that they become repeat customers. Here are five great inventory management tips.

5 Inventory Management Tips For a Smoother Workflow

Forecast

Always try to forecast your future sales. Of course, this is difficult and you will not always be entirely accurate. However, if you factor in things such as seasonal demand and fashion trends, it will at least be better than just guessing it. There are also programs that will analyze past sales for you and use that data to predict future sales, but take them with a grain of salt.

Have a Minimum Quantity

Always have a minimum quantity for each product stock that you store. This will help ensure that you don’t lose sales and revenue due to products being out of stock. Again, you’ll need to make some estimates based on past demand and predicted future demand. Adjust your minimum quantity as necessary.

Have a Maximum Quantity

Similarly, you should have a maximum stock quantity. This will help ensure that you do not overstock a product, which can lead to significant losses. It’s especially important to have a maximum quantity if your product has an expiration date. Both your minimum and maximum quantity can change based on seasonal demand.

Keep Products Fresh

In order to keep products fresh, have a system where products get shipped out based on the order you received them (first in, first out). This way, your products won’t stay on the shelves for too long.

Use a WMS

Consider using a Warehouse Management System to process your shipments and orders. This is the best and easiest way to keep your inventory flow smooth.

Need help with storing your inventory? Contact us today for more information.

Managing Inventory is as simple as Location, Location, Location!

Inventory management is the cornerstone to any successful (or unsuccessful) venture. The amount of tangible inventory is essentially equal to the amount of profit return. Ideally one wants to have a deficiency of inventory i.e. moving product, and a maximum amount or surplus of space to place more incoming product for future purchases. Managing inventory is as simple as location, location, location!

Managing Inventory is as simple as Location, Location, Location!

The best way to achieve this is with the Just-In-Time inventory method or JIT for short. The orders are placed, the materials come in, the materials move out, and finances increase. This remains the best example of efficiency in any warehousing environment. Although this is hardly ever the case. In many cases the inventory comes in and sits idle in a warehouse or production shop for weeks at a time. This is sometimes due to improper forecasting, canceled orders, or miscalculation of raw materials.

There is also a negative perspective associated with creating an inventory stockpile accumulation. First, to have an abundance of supply seems to give the impression that the product is failing, or not living up to reviews or performances. Secondly, an expanding amount of merchandise can become aesthetically unpleasing. This becomes especially prevalent in a small office/warehouse that is usually associated with smaller businesses. Work space taken up by inventory could easily be utilized in a better more productive fashion.

One of the most adequate ways to divert many of these symptoms is to utilize a remote or off-campus space to store inventory. An easy and more nominal method is via warehouse storage space. This allows for a designated venue to become a proverbial “middle man” in the supply chain. A warehouse allows a company or individual the unrestrained privilege of forecasting inventory needs based on square footage rather than orders processed.

Yes, Just-In-Time inventory management is one method that, if projected properly, displays the ease and prowess of logistics, but this can also be achieved through the effective use of space. The real cornerstone then becomes the capacity of the warehouse that houses the inventory.

Inventory management can be compared to real estate in that the bottom line revolves around location, location, location. Warehouse Plus can help create this location and help to show the power of inventory management and logistical awareness contact us.

Meeting the Challenges of Inventory Management

Inventory Management Fundamentals

Inventory management is a precise balancing act which can mean the difference between profit or loss for your business in any given month. Poor inventory forecasting or even unanticipated changes in consumer trends can leave you with carrying costs that are sure to result in significant profit leakage.

Meeting the Challenges of Inventory Management

At the other end of the market spectrum, a surge in demand can lead to “overselling” and your business finds itself in the position where it can’t supply the higher demand, missing an opportunity to optimize profits. Delays in fulfillment can have negative effects on your business reputation which can be difficult to overcome in today’s competitive marketplaces.

ABC Inventory Analysis

Prioritizing products with this simple but effective procedure is a basic inventory management tool to classify three categories of your inventory.

  • A) Products of highest value with low sales frequency
  • B) Moderate value products with moderate sales frequency
  • C) Low-value products with a high frequency of sales

Using ABC analysis to categorize inventory helps you determine the optimal carrying cost. You can avoid incurred costs for category A by ordering more frequently as opposed to paying for storage while waiting for the occasional sale. If you’re using Warehouses Plus rental units you’ll have the month-to-month storage versatility to adjust capacity to meet demands for your B and C inventory categories.

Accurate inventory forecasting is based on the history of past demands. Tracking orders and peak business cycles to predict future inventory needs from multiple partners, consumers, and suppliers can be a daunting task using offline spreadsheets. Investing in inventory management software to access real-time data is the best way to ensure accurate inventory forecasting according to this article for E-commerce enterprises at business2community.com. 

Inventory Solutions at Warehouses Plus

It’s easy to see how storage versatility can help you meet the demanding business challenges of inventory management. At Warehouses Plus our month-to-month rental units give you the inventory capacity you need without the hassles of signing leases and paying utility fees, so don’t hesitate to contact us.