![]() Tip to optimise your inventory management Certain inventory management systems automate the process of reordering which saves time and prevents any mistakes from human error. By leveraging the reorder point formula you can minimise the risk of both stockouts and deadstock - two problems that negatively impact your bottom line. When reordering new stock it is crucial to ensure the timing of new orders and amount of goods are correct. ![]() When shipping the product be sure to send the customer a confirmation email with tracking information. Some important aspects to consider when packaging the product are the customer experience durability and sustainability. If the second step in the process was optimised searching for and selecting the products in the warehouse should be relatively straightforward. Once a customer has placed an order the next step is to accurately and expediently fulfil package and ship the order. The POS system will either have a built-in inventory management feature or be integrated with an inventory management software that will enable the order details to be viewed by the warehouse staff. The orders will typically go through a point of sale system (POS) which processes the orders and accepts payments. The next step in the inventory management process involves accepting customer orders. It is also important to minimise the distance to bestselling products by storing them where they are most accessible. Warehouse slotting techniques such as organising products based on SKU and product type can be beneficial. At this stage it is a good idea to be strategic about how products are stored. Sort and stock productsĪfter inspecting the products they must be properly stored in the warehouse and inputted into your leave management system. You should also ensure handling conditions such as temperature are accurate for perishables and that all products are in good condition. It's important to check that the quantity product code and serial code are all correct. The first thing that should be done after the order arrives it to inspect the products. Getting this part right is crucial for the following steps to function as efficiently as possible. The first step in the inventory management process includes receiving your order from the supplier. Below we've broken down five essential steps required for any inventory management process: 1. The 5 step inventory management processīefore being able to optimise your inventory management process it's important to ensure you have the basic steps covered. In order to get your warehouse running smoothly you first need to liaise with suppliers and streamline fulfilment. However before you perfect your company's inventory control process it's important to put a solid system of inventory management in place. When done correctly this saves money and improves cash flow without negatively impacting customers. It aims to achieve balanced stock levels that prevent deadstock while also avoiding stockouts. Inventory control is about storing stock effectively and minimising warehouse costs. Whereas inventory management is a broader term that encompasses the entire process of managing stock - from ordering to shipping. ![]() Inventory control is concerned with managing stock that is in storage. But they actually refer to two different things. The terms inventory control and inventory management are often used interchangeably. See: What is an Inventory Management Process? Inventory management vs. With all of this in mind we'll take a look at everything from inventory control and stock monitoring to the different types of inventory management software available. Post-pandemic it will also be key to reviving retail and managing the supply chain crisis. Whether you want to take advantage of social commerce make your products available on more marketplaces or implement quick commerce fulfilment �a first-rate inventory management process is essential. As more sales channels and fulfilment options become available its importance is growing too. When done right it also improves cash flow and the customer experience. A great inventory management process saves money and time.
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