BEST PRACTICES IN INVENTORY MANAGEMENT

The reality of our days demands that we occupy good practices in inventory management. This guarantees an efficient process when making strategic, tactical and operative decisions with agility. For this reason, in today’s knowledge article, you can learn some fundamental tips to generate good practices in inventory management.

For years, access to address these types of issues was limited to corporations with high economic capacity. However, the technological explosion has brought the ability to process more data in less time. This, at the same time as it has globalized access to these information technologies thanks to the reduction of costs.

Today, a considerable investment in hardware and software is not necessary to take advantage of these solutions that bring innovation and adaptability to the business model. But what should we take into account when betting on a solution that genuinely allows modern inventory management? Here are eight tips on good practices in inventory management for today’s modern world.

TIPS TO HAVE BEST PRACTICES IN INVENTORY MANAGEMENT

Have all your data in one place. The traditional recommendation is always to keep all information in a single place that, by suitability, was the ERP itself. However, depending on the dimensions of the organization; it is possible to integrate different systems that allow obtaining “clean” data. Being able to evaluate this in a previous phase is very valuable for the success of the management system.

Results from beginning to end. It may not be a current need, but having this possibility offers confidence and guarantee to the client. Management solution allows you to take the data to convert it, use it and generate a result(to be measured); so it covers a business process and creates value.

 

Wide possibilities of reports. The computer report is in different formats (CSV, PDF, Xls, etc.), which is one of the features most valued by organizations. It not only allows horizontal information sharing within the department but facilitates vertical understanding by part of the organization, issuing customized reports automatically or at the request of the user.

 

Control Box. Having control over what we know and, above all, knowing the data at the right time and at the level of detail that matters is essential. A useful inventory management tool should allow us to understand the impact of what is generating deviations in our results without losing time and effort in other fields.

 

Graphic and data evaluation. Graphically visualizing information will always be the best way to express both a situation and a solution. This is why integrating the graphics with the raw data provides a great advantage to identify conditions and propose solutions.

 

Different scales of product. The results and analyzes must be done at different scales of product and business. That is, the fact that the analysis allows you to access a particular category within a specific region of the commercial structure demonstrates that there is an ability to make decisions and get the right actions.

 

Standard process. Employing uniform procedures saves time and money, in addition to facilitating training in new resources that enable the movement of people within the organization. There are many standard inventory rules that, when used correctly, maximize the efficiency of the activity.

 

Scenarios: What to do if …? Getting ahead of the impacts that the change in an inventory management policy may have is a great help in making decisions. Currently, organizations can not afford to have days to update an ERP and see the results the next day. The current scenario demands speed and flexibility.

It is essential to verify that our inventory management system offers us these basic functionalities. Because despite its apparent simplicity, it is crucial to respond to possible changes that occur. This will improve the planning of the stock and give flexibility to the execution of appropriate actions to overcome the dynamics of the market. In this way, with the right tool and using good practices in inventory management, you will obtain higher profitability of the inventory.

Slimstock has been helping companies like yours lower inventory costs while increasing customer satisfaction for 25 years. Our inventory management software is used by over 900 customers worldwide to free up capital and simplify the ordering process. Chat with one of our friendly customer service reps today to learn how we can help optimize your inventory.

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