Managing inventory is very important for your business. However, many companies still make mistakes that result in wasting their resources. Improving its management can help you identify opportunities to free up limited capital.

Proper inventory management can help you maximize storage space and resources more efficiently. Also, identify consumer and product trends to meet stock requirements proactively.

Challenge

If you frequently experience the following, you need to implement inventory management as soon as possible.

• • Your company has tens or even hundreds of SKU
  • Items in the warehouse are sometimes lost, and often, after stock taking, the quantity turns out to be different from the data in the system
  • The product expiration period is relatively fast, so it must be sold quickly
  • High rate of deadstock because the newest batch leaves the warehouse first
  • The slow goods picking that hamper the delivery of finished goods

Tips for Managing Inventory

• Recording all SKUs and labeling all shelves in the warehouse using system
• Doing regular stock-taking
• Ordering goods according to demand forecast
• Monitoring the number of inbound and outbound goods
• Prioritizing the older goods out first/FIFO (illustration)
• Arranging  fast-moving goods in an easily accessible area
• Departing the spreadsheet and switching to the warehouse management system

Advotics Warehouse Management System

Advotics WMS can make it easier to monitor goods inbound and outbound in the warehouse, the quantity of each SKU, and the location where the goods are stored (section A, B, C? or fulfillment center).