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Tips for managing your inventory

Prioritize your inventory. <br>Track all product information. <br>Audit your inventory. <br>Analyze supplier performance. <br>Practice the 80/20 inventory rule. <br>Be consistent in how you receive stock. <br>Track sales. <br>Order restocks yourself. <br>Use technology that integrates well.

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Tips for managing your inventory

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  1. TIPS For Managing Your Inventory

  2. 1 1 Prioritize your Prioritize your inventory. inventory. You can better identify which things you need to order more frequently and in larger quantities, as well as which items are crucial to your company's operations but may be more expensive and move more slowly, by classifying your inventory into priority groups.

  3. 2 2 Track all product Track all product information. information. Keep track of the product details for the items in your inventory. SKUs, barcode data, suppliers, countries of origin, and lot numbers should all be included in this data.

  4. 3 3 Audit your inventory. Audit your inventory. Some companies conduct a thorough count once a year. Others perform spot inspections on their popular items on a monthly, weekly, or even daily basis.

  5. Analyze supplier Analyze supplier performance. performance. 4 4 It's time to take action if you have a supplier who consistently makes deliveries late or consistently underdelivers an order. Find out what the issue is by talking about it with your supplier.

  6. 5 5 Practice the 80/20 Practice the 80/20 inventory rule. inventory rule. Give the handling of this 20% of items top priority. You should be well aware of these products' whole sales lifetime, including how many you sell in a week or a month.

  7. 6 6 Be consistent in how Be consistent in how you receive stock. you receive stock. Assure that every employee who receives stock follows the same procedures and that all boxes are confirmed, received, and unpacked simultaneously, precisely counted, and checked for accuracy.

  8. 7 7 Track sales. Track sales. You should be aware of what and how many items you sold each day, and you should update your inventory counts. However, you'll also need to analyze this data.

  9. Order restocks Order restocks yourself. yourself. 8 8 Some suppliers offer to handle your inventory reorders. Spend some time examining the inventory and ordering replacements for all of your products.

  10. Invest in inventory Invest in inventory management technology. management technology. 9 9 It is possible to manage the items on this list manually using spreadsheets and notebooks if your company is small enough. However, if your business expands, you'll have to spend more time managing inventory than running it, or you run the risk of having stock out of control. All of these chores are made simpler by effective inventory management software.

  11. 10 10 Use technology that Use technology that integrates well. integrates well. Technology can assist you to manage stock in addition to inventory management software. You can stay on track with the aid of tools like POS systems and mobile scanners. Systems that cooperate should be given priority when making technology investments.

  12. Thank You Telephone (+91) 98125-47758 Website www.eracom.in Email Id office@eracom.in

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