Inventory management is one of the most important issues in the strategic management of companies, its control and management are key to achieving efficiency, so we share 4 recommendations that will help you maintain control and thus avoid significant losses of money : 1. Consider the restocking time of your suppliers. By taking into account the order, delivery and reorder dates, you will avoid running out of product and consequently, you will be able to assure your customer of their deliveries. Do not forget to also take necessary actions in cases of shortage of a product or extraordinary demand. 2. Classify your articles to have a panoramic vision of each type of product so that you can manage each one in the best way, this will allow you to:
Have realistic sales goals by type of product according to its sales behavior. Identify of the products 20% that generate 80% of the demand for you to identify. Which ones to prioritize and which ones generate the most utility for you.
Know the amounts of consumption and times, thus avoiding having extra costs such as maintaining low-turnover inventory in high quantities.
3. Keep the product codes (SKU) well defined for the optimal management of your stocks, since they will allow you to clearly identify the products that generate value for the company. A very clear symptom that the amount of SKUs in your warehouse is greater than optimal is when you notice that you have many low-volume items each, which causes conflict in the logistics of your warehouse.
4. Automate the operation to make it as efficient as possible and make sure you avoid unnecessary expenses and increase your profits; the advantages of automating your processes are: · Saving time in operation. · You have comprehensive and updated information for decision making. · You save money by avoiding the use of paper. · You avoid the use of spreadsheets and formats that represent complexity in the process, unnecessary time and cost. · You can implement key indicators to manage costs and profit. · You reduce the risk of theft, waste and waste by having information in real time.
To have better control over your inventories and comprehensive visibility, it is important that you have a technological tool to help you do so, such as the SAP Business One Software or its version for SMEs SAP Business ByDesign, as they have the experience of having helped many Companies like yours to manage their warehouses, reduce their related costs and therefore increase their profitability and efficiency. Even if you already have a WMS (Warehouse Management System), you can automate the execution of tasks by reading barcodes from any Android cell phone or tablet to minimize human error and increase your productivity. Contact us to schedule a totally free demo.
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