In many businesses, we observe that the product range is constantly expanding. This creates the risk that the number of SKUs becomes unmanageable, and you lose control over your own range. This can result in missed revenue, and in the worst-case scenario, even significant losses. Webship provides you with some tips to keep your inventory under control.
Categorize your inventory
If you have a large assortment, you undoubtedly have products that sell well or have a high inventory turnover. On the other hand, you have products that sell less well or have a low inventory turnover. Be strategic and categorize your products! Assign your products a code (ABC) based on their importance. This way, you can create an efficient picking system.
Invest in yourself and your employees
Innovations are making inventory management more efficient. It’s important to invest in yourself and your employees to ensure the business continues to grow. Attend trade fairs, consult the latest trends, and provide targeted training. Only this way can you evolve and specialize your inventory management and employees.
Minimum stock and inventory turnover
If you work with a large assortment, you can’t constantly check your inventory, but you must still avoid stockouts. Setting a minimum stock level will ensure that you get an alert when the minimum stock is reached. You can also obtain valuable information through inventory turnover. Calculate your inventory turnover and uncover patterns to determine your ordering frequency.
Inventory management system
To manage many SKUs and large stock quantities, you need an efficient inventory management system. Such a system should allow you to easily control your stock, create and modify warehouse locations, adjust stock quantities, add barcodes, generate reports, etc. Webship developed a cloud application that meets all these requirements. With Webship Online, inventory management has never been easier.
Manage inventory from one system
Choose a centralized system to manage your inventory. This way, you get an immediate and accurate view of your stock, as using multiple systems side-by-side increases the risk of losing information. This reduces the margin of error!
Minimize inventory loss
Inventory loss can have various causes, but they all lead to the same result: costs! Inventory loss can occur due to damage, theft, expiration, administrative errors, or misplacement of products. Some of these causes can be easily fixed. To avoid expiration, you can input the expiration date into your inventory management system. With barcodes, warehouse locations, and scanners, you can conduct checks in your warehouse to locate products stored in the wrong place. You can minimize administrative errors by training your employees and providing them with a clear system. In short, inventory loss can be avoided by using the right tools and resources.
Webship Online
If you want to use a modern inventory management system, Webship Online is the solution. Contact Webship and request your free demo. Test your Webship Online environment and discover the world of efficient inventory management!
