Many retailers not to consolidate inventory strategy – and pay dearly for it. We have ideas that will help you tidy warehouse.
One of the most important elements for the success of a retail business is a good inventory management. Stock “dead” or surplus means money drain. On the other hand, the lack of means loss of product inventory transactions, and in some cases damage to the company’s image.
Despite the above, many business houses does not formulate their own strategy for managing fish stocks, which led to costly mistakes for them, which were expressed, inter alia, to a dysfunction of the deposit, missing opportunities sale and still others. We chose four tips to help you develop an effective inventory program.
It’s not “pow and finished”
Inventory management is a continuous and concerted effort that should not take place only at the operational level. Inventory successful plan should integrate into the business units of marketing, cataloging, and of course the physical auctions and online sales.
If you manage your inventory according to the marketing program, everyone would win: procurement team understands when and how to buy goods, the deposit will know to release more space and sales teams can prepare for intense activity.
Add and annual sales data in that program – you get a pretty good idea about sales forecasts that will help you best prepared seasonal demand peaks.
Inventory management means, among other things, management of suppliers. If it sold a specific product for which demand exceeds supply, or if you are going to do a promotion that will significantly increase the demand, consider another vendor to provide a larger quantity of the same product. This may reduce long waiting periods and to prevent the product to them lower the price because of supply issues.
The quality of communication
A good relationship with sales teams is vital to business success – especially if some of the sales activities are carried out through outsourcing. For the consumer, the agent who sells your name is part of the brand and therefore it’s important to understand your program exactly like inventory is therefore necessary to communicate your marketing franchising program and promotion to give them information about the new products are out of stock and also letting them know about the investments they have in mind.
Quality of communication between different departments is also very important. Sales teams will enjoy peace of mind if they know the marketing plan, which is provided program and would know that deposits are prepared to meet their demands and to deliver the goods. This information will allow different departments to work together better, more flexible and safer.
Ordered procedures and methods of action are necessary to create a clear working agenda for effective work and consistent deposits. Establishes procedures for sales staff and the deposits correlated with each other; In this way the product will be sent or received, or stored properly and efficiently removed without causing problems to the inventory. These procedures may include shipping guides, worksheets detailed information on products, packaging and storage instructions, instructions for collecting payment and so on.
If you sell a product in packages cite five, for example, it is necessary that the teams of your deposit to know this and not lose precious time for the separation of products in individual units and teams forwarding them join then again before shipment . When you have a course of action, you can ensure that inventory management system reflects the latest and most accurate information, and is able to meet the requirements accordingly.
Inventory is your goods. The money already spent on your business. Products on sale is the core of your business – what brings the customer and what makes them turn back. therefore, inventory management is not a trivial matter. learn how to do all seriousness, invest resources and attention into it. Finally accurate inventory management means cost savings and maximizing profits. For details about advanced inventory management visit COMAX website.
This post is based on an article published in the original HERE.