5 Tips and Tricks to Simplify Inventory Management

Posted November 18, 2016

Managing your own business is time-consuming, and when you try to take on everything alone, you’ll oftentimes find yourself running into problems. In reality, managing your inventory is a multi-person process. Here are some tips and tricks that can help you manage your inventory more efficiently, and avoid some of the most common problems experienced by small and large businesses alike.

1. Implement a Good Software System

When managing inventory, the most important thing you can do is implement an inventory management software system that you feel comfortable with. Depending on the size of your operation, you may be shipping out just a few items a week, or several hundred boxes. The use of a system to keep track of every aspect of your inventory allows you to save time and resources by automating tasks and reducing redundancy. You can also have peace of mind knowing exactly what you have in your inventory, and what you have coming in and out at any moment.

2. Label Everything

Labeling is absolutely essential to help keep track of where things are in your warehouse. A software system can tell you what you have, but without proper labeling, you may not be able to locate it within your facility. This is especially important if you are receiving shipments from other companies—you will lose inventory faster than you think if it’s not properly labeled with a unique SKU code.

3. Keep Everyone on the Same Page

Especially when you’re managing a larger inventory, delegation is key. And with delegation comes the importance of excellent communication—everyone working to manage your inventory needs to be kept on the same page and know exactly what their job is within the facility. Mistakes happen when people are improperly trained on their job functions, so make sure everyone understands the part they play in the larger picture.

4. Monitor Inventory

Regardless of the type of products you sell, it’s likely you can see trends in which items are most popular, and which are not. Make sure you are properly logging your inventory, and set notifications to alert you when certain items become low. Monitoring inventory this way will also save you money by preventing you from producing or purchasing too many of the items that don’t sell.

5. Use a Warehouse Management Service

Although these tips will help you manage your inventory, the best thing you can do to decrease your workload and avoid any problems or confusion with inventory management is to outsource your warehousing needs. At Elite Ops, we have decades of experience managing inventory for a variety of companies and have the resources necessary to properly keep track of yours.