Inventory management is one of the keys to business success. Knowing when and how to order inventory so you never run out of stock may sound like a no-brainer — but it takes some effort, and some smarts.
As a big asset, inventory can be a big expense as well. Disorganized inventory management can put a company right out of business. It also ties up quite a bit of cash, so expenses must be optimized to carry just enough to satisfy the projected demand but not too much — that becomes potentially outdated.
Brandow Consulting invites you to ponder these five pointers on warehouse management and inventory management. They could save you time and expense:
How’s your technology?
Automating inventory tracking will save time. Mobile devices such as iPads or barcode scanners can keep the inventory updated smoothly and quickly. It means better accuracy, too. Suddenly, shipping, storage, and delivery come together in one cohesive, portable, package. As you get more accurate real-time information your material requirements strategy will greatly improve.