What Is Inventory Management?
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What Is Inventory Management?

Posted By Thomas hodge     Jun 8    

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Any  business that sells physical goods must be familiar with inventory  management. It is the process of ordering, storing, and tracking a  business’ inventory. Inventory management governs the flow of raw  materials, components, and finished goods — from stock purchasing to  sale — and makes sure all the stocks are used effectively and  efficiently.
 
Inventory  management makes or breaks a business’ cash flow. For instance,  businesses that deal with perishable goods must keep track of their  expiry date all the time to avoid spoilage costs and endangering  consumers’ well-being. Without proper inventory management, it will be  hard to sell off the stocks before it expires and becomes unsellable. As  for managing non-perishable items, inventory management allows business  owners to make sound decisions regarding storage, restock time, and  stock control.
 
Not  only that, but inventory management also plays a significant role in  keeping consumers happy and growing a company. By delivering orders and  fulfilling demands on time, consumers will likely come back for  repurchase — building a strong relationship with your target market.  With a steady growth of revenue, it will be easier for your business to  scale.
 

4 Tips to Optimise Inventory Management

 
Unfortunately,  proper stock management is easier said than done. Many businesses fail  to grow due to their inability to tackle this necessity appropriately. A  not-so-fun fact, 34% of businesses miss shipment deadlines because the  items being sold are not in stock.
 
It  is never too late to revamp your inventory management strategy in order  to avoid unpleasant consequences. The following are a couple of tips to  optimise your inventory management.
 
  1. Classify your stock location
Organising  and storing your stocks by classification helps prevent the goods from  getting mixed up. Doing so also makes finding and obtaining them easier  and faster, increasing your workflow.
 
Some  of the most common parameters you can use to classify the goods include  price, expiry date, stock-keeping unit (SKU), item condition and age,  and products that sell and don’t. You can create your own classification  system using coloured stickers to maintain consistency and allow for  easier identification.
 
  1. Use a cloud-based retail inventory software
One  of the biggest advantages that a cloud-based retail inventory software  offers is that it lets you accurately trace stocks at all stages and  obtain real-time information for stock levels via remote access. Storing  the data in digital format also eliminates storage issues and human  errors during accounting data processes.
Advstock  Stock Inventories offers stocktaking apps for food and beverage  businesses, stocktaking apps for bars and clubs of all kinds,  stocktaking apps for pharmacies, and stocktaking apps for convenience stores.  Our small business stocktaking app is cloud-based, user-friendly, and  easy to set up. If you are looking for a versatile stock and inventory  app, you will be glad to hear that ours is available in Apple and  Android app stores.
 
  1. Plan for safety stock inventory
Having  an additional amount of stock in your inventory prepares your business  for the variability in market demand and trends. The surplus amount  basically serves as a safety net to prevent stockouts, anticipate  unexpected spikes in demand, and compensate for inaccurate market  forecasts.
 
  1. Do stocktake regularly
Checking  the stock levels of your inventory periodically helps identify any  discrepancies between your current inventory and the record from the  previous stocktake. The process also serves as a safeguard against theft  and fraud, minimising the risk of revenue loss.
 
With the help of our small business stocktaking app, you can carry out stocktakes at least once per month at minimum costs.

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