Having the right inventory management formulas will make your business’s warehouse a more efficient place.
Here are some quick tricks to do so:
Enhancing inventory management software
Another major component of effective inventory management formulas are the system – and particularly the software – that runs them. If you have the luxury of purchasing new software, choose a system that closely matches the needs of your particular business. The inventory management systems by Sage are a good example. In addition to their standard inventory management package, Sage’s software also offers an easy to implement bar code system, a shipping management component, and sales/time/project management systems; it’s also completely customizable and scalable.
Integrating the new system to your warehouse
One of the biggest issues when installing new inventory management software is the delay that it can cause. Making sure that your people are up to the task of handling inventory without the aid of computers for the time it takes to implement the system is important – it will make sure the flow of stock in and stock out of the warehouse would not be affected.
Other ideas
Improving your inventory management doesn’t necessarily mean ditching your current software for an expensive new inventory management suite, however. If you don’t have enough money to spend on new software, you can still improve your current system – all you need to do is make a few simple changes in how you do work in the physical warehouse. Personnel traffic is one area you should look at. Are there a lot of people coming in and out of the stock room? Cutting down on this traffic will promote a better flow – easier in and out for both people and products. Limit access to the stock room to only the people who need to be there, such as stock managers and delivery personnel. Other employees could ask permission to enter or use a request form to access to the stock room.
Still have questions about inventory management formulas and management software? Feel free to contact us for the answers.
