Top Tips to Make Better Sense of Your Inventory Management

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Inventory control is a process to determine the health of your supply chain management. By applying best practices, you will reduce stock losses, returns, customer complaints, and storage or handling problems.

Although nearly every business knows the importance of inventory management, not everyone has established a system that meets the best practices standard. In fact, a good number of them do not have a proper recording. It is one of the findings of the 2017 State of Small Business involving 1,100 companies. Even if there is no similar study in Australia, it is easy to assume that it is not that much different.

With the multiple solutions available out there that would make inventory management easier and more efficient, you don’t have any reason not to take advantage of them. For instance, service providers like Wild Tech Netsuite partner will help you solve all issues in your supply chain, reduce losses, and instantly boost your revenues.

If you are just starting with your inventory management process, here are some handy tips for you:

  1. Strategise, then execute your plan — Inventory control is not a one-off job. It continues throughout the entire business cycle. You need a sound system that can be easily tweaked when necessary, without needing to shut down your operations while you update your processes. You need data to establish your baseline and metrics to determine success and failure.
  1. Automate your processes — A Netsuite software system will solve almost all your problems. The solution would take most of the laborious and repetitive tasks away from your employees, allowing them to focus on the more important matters. The software solution will control the supply chain lifecycle from materials bidding, procurement, warehousing, orders processing, distribution, shipping, and returns.
  1. Make sure to identify critical items — Data analytics will allow you to determine which of the items are easily disposed of. Once you have prepared the list, it is only a matter of making sure they never go out of stock. Metrics will also allow you to rationalise your storage system. You need to know the cost of products that are not moving. You can then spot the market trends and customer behaviour to improve your procurement process.
  2. Check shipment tickets — Whether you are shipping the items yourself or outsourcing it to a third-party company, it is crucial that you record each transaction. Identify gaps in the processes, especially if you receive a high number of complaints on defective or broken products, as well as delays. 
  1. Assign a team for inventory control — Appointing a team for inventory control will help with accountability. You do not waste time trying to find the persons responsible in case of missed orders, returns, or delayed deliveries. As your company grows, you would have several specialists with specific responsibilities like warehousing,procurement, logistics, etc.

You need expert help to rationalise your inventory. Taking advantage of the expertise from companies, like Wild Tech – Netsuite partner, will benefit your organisation in so many ways, such as saving IT resources, accessing inventory data in real-time, and controlling your supply chain management. Since their systems are based in the cloud, your inventory management software will never go offline.

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