There are as many ways to do inventory as there are companies tracking them. So when it comes to setting up an inventory tracking practice, how do you know what methods are best and which ones are better left untouched? That depends on several factors you’ll have to consider before you find the system that works best for you and your team.
Here are some things to keep in mind when you’re setting up an inventory tracking system:
What Kind of Items Are in Your Inventory?
What do you need to store in your back room or in your warehouses? Are your items small, or do they take up a lot of space? Knowing what kinds of items you’ll be storing will help you find out the best way to configure your available storage space.
What Kind of Storage Do You Have?
It won’t do you any good if you have more items than you have storage capacity. Knowing your available storage space will help you figure out the best ways to store your inventory, or tell you if you need to invest in more than what you have.
What Tracking Technology Will You Use?
While many companies still use spreadsheets for inventory tracking, this may not be the best solution. There are dozens of software solutions out there designed for specific industries. Find the best one that works for you, and plan out how your team will learn to use this software solution to your tracking needs.
How Will Your Inventory Records Interact With Your Point of Sale Records?
Having accurate records relies on your company’s ability to share information across departments. Knowing how many items you’ve sold will help you when it comes time to purchase more product. You won’t buy more than you need, and you can make sure you don’t sell out of popular items.
How Will You Store Inventory Data Over Time?
In order to make well-informed decisions, you need to know how your product and inventory is doing over time. If you have records over the years, you’ll know what you need to do to prepare for the busy season. Having enough product on hand for times of high demand will help you be prepared to meet customer demand, and increase repeat business.
How Often Will You Go Through the Inventory Tracking Process?
Like many things in life, inventory isn’t something you can do once and be done with it. In order to have the most accurate records, you’ll need to repeat the inventory tracking process on a regular basis. The exact length of time between checking will depend on how much product you go through. If you sell thousands of items on a regular basis, you’ll need to check your inventory more often than if you just go through a couple dozen every day.
Asset Panda knows the importance of having an inventory system that works well for your company. That’s why we designed our platform to be flexible and customizable. You can configure it in a way that works best for your needs, instead of needing to adapt to the quirks of a different software program. When you have a system that works in a way you understand, you don’t have to spend tons of time trying to figure out how to make it work.
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