This year has brought more than its fair share of unique challenges. We are all looking forward to a fresh start in the new year. Evaluating your business helps to ensure you are on track to succeed. One of the most vital parts of your business is inventory. Let’s take a look at some steps you can take to reach your inventory goals in the new year and how our Mobile Inventory Management software can help you get there.
Assessment: Complete a full audit of your stock to ensure what you think you have is accurate and accounted for. Physically counting will help you eliminate damaged or obsolete products, lessen carrying costs and reduce shrinkage. MarginPoint’s Mobile Inventory Management solution can manage your inventory in real-time across your entire organization eliminating a manual process in the future.
Min/max Levels: Reviewing your sales history for the previous year will help you to set your minimum and maximum ordering levels for the new year. Having the correct min/max levels will allow you to run lean and maintain optimal inventory throughout the year. With our Mobile Inventory Management, you cannot only set min/max levels, but you are also able to utilize supplier integration for automatic replenishment.
Technology: If you are not using inventory management software to track your inventory, you should consider doing so immediately. Manual methods (excel and paper) can allow for too many errors and consume valuable time.
In conclusion, we can all benefit from goals to set us up for success. Improving your inventory management can mean improving your cash flow. Inventory management software such as MarginPoint can enhance your efficiency and put cash back into your wallet.
Contributed by Michelle Childers – Business Operations Analyst